How does Net Income Attributable to Noncontrolling Interests factor into a DCF FCF calculation? What about NI from Associate Cos

Just stop and think about it intuitively... is the company they own more than 51% integral to the company's operations? If so, you have to separate all the incomes and do a dcf for the whole subsidiary (if info is available) and add the value yielded by the DCF times the % they own to the DCF of the core company. If not integral (unrelated investment), you just separate the income from the company's and do a comps analysis on the company. Add it to the value of your parent company and you get your EV.

In other words, you don't need those numbers -- you're valuing the operations of the parent company in the one DCF (if you wanted to do a DCF for the subsidiary, then do another DCF. You wouldn't grow both of these companies at the same rate & assume same margins, as they have different fundamentals.)

But, aren't the financial statements consolidated for subsidiaries (50%

No reason to throw a MS...

Anyways, yes, they are consolidated. In the ideal scenario where you can separate them, you separate them. If not, just do a normal DCF and apply a P/B ratio that seems appropriate to the minority interest number in the balance sheet (thus converting it into market value) and subtract it from your DCF value to get to the respective value of the firm without the share you don't own of the subsidiary.

If you are valuing operating assets (the goal of a DCF), then non-controlling interest are included as a stake in the operating assets (revenue down to operating income). The presence of non-controlling stakeholders will not impact your DCF but instead will impact the allocation of equity value after you've determined the value of the operating assets.

Equity income should be excluded from your DCF as it is not an operating asset (not consolidated from revenue down to operating income). You only need to value equity method investments when calculating firm value. It should be treated as a non-operating asset the same way excess cash on the balance sheet is.

Here is a more thoughtful explanation: http://aswathdamodaran.blogspot.com/2013/06/a-tangled-web-of-values-ent…