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2009-11-19
从头开始一步一步搭建DCF模型。手头也有一些现成的DCF模板,但不是自己做的,终究不是很明白。

谢了。
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2009-11-22 14:46:59
不太明白你指得DFC是什么概念,是不是discount cash flow model? 如果是的话应该同NPV(net present value)有关系。同时,建议看一下CAPM模型以及WACC模型。
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2009-11-25 14:02:03
对的,就是discount cash flow model,初入门,感觉有些复杂,想找些相关的书看看。各位同仁有推荐的么?谢谢
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2009-11-25 18:53:43
我也想知道。。。
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2009-11-29 00:33:19
这个属于投资范畴,可以看看投资学的相关教程。同时,多多利用网络资源学习,主要看一些比较权威的金融类网站的学习资料。


Discounted Cash Flow - DCF




What Does Discounted Cash Flow - DCF Mean?

A valuation method used to estimate the attractiveness of an investment opportunity. Discounted cash flow (DCF) analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.  

Calculated as:



Also known as the Discounted Cash Flows Model.








Investopedia explains Discounted Cash Flow - DCF

There are many variations when it comes to what you can use for your cash flows and discount rate in a DCF analysis. Despite the complexity of the calculations involved, the purpose of DCF analysis is just to estimate the money you'd receive from an investment and to adjust for the time value of money.

Discounted cash flow models are powerful, but they do have shortcomings. DCF is merely a mechanical valuation tool, which makes it subject to the axiom "garbage in, garbage out". Small changes in inputs can result in large changes in the value of a company. Instead of trying to project the cash flows to infinity, terminal value techniques are often used. A simple annuity is used to estimate the terminal value past 10 years, for example. This is done because it is harder to come to a realistic estimate of the cash flows as time goes on.  

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2009-12-1 21:20:29
呵呵。谢谢。就是想找一本具体的能教会我怎么做出一家公司的dcf股值的书。而不是告诉我一个概念,dcf里面牵涉的变量太多了。
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