Let's say I have a company with 30m cash. The company is unlevered. Therefore fcff=fcfe and wacc=cost of eq.
2 ways to value the company:
1) discount fcff --> EV
2) discount fcfe --> equity value
They come out same. But they shouldn't since there is cash and equity value is 30m larger than EV.
What am I missing here? İ'm sure it's suped basic and fundamental. Thx
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