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  1. Let's talk Argus

    Now that there's a dedicated RE forum I feel like we should have an Argus thread. Argus website here: Argus Software I've talked to a few people in the industry over the past week and they have stressed how important an Argus certification will ...

    70 comments - 0 silver bananas - Aug 18 2016 - 1:17pm -

  2. What is something productive to learn while in high school? (Financial modeling)

    I am bored, and I would like to play around with financial modeling. I found some great powerpoints and videos on DCF and DCF analysis, but I would like to know what else I could be learning in my free time. Links or suggested resources would be gre ...

    62 comments - 0 silver bananas - Dec 17 2014 - 3:03am -

  3. How is my "Walk me through a DCF" answer?

    1.) Project FCF for a certain period of time: EBIT(1-tax rate)+D &A- change in networking captial- cap ex 2.) Project cash flows beyond that period. Need a terminal value. Use a growth model or multiple. I would use the EBITDA multiple. 3.) Now, disco ...

    63 comments - 3 silver bananas - Aug 18 2016 - 1:19pm -

  4. DCF Myth 1: If you have a D(discount rate) and a CF (cash flow), you have a DCF!

    Mod Note (Andy)- as the year comes to an end we're reposting the top discussions from 2015, this one ranks #35 and was originally posted 2/24/2015. Earlier this year, I started my series on discounted cash flow valuations (DCF) with a post that liste ...

    18 comments - 18 silver bananas - Dec 25 2015 - 11:17am -

  5. Notes for Technical Interview Questions

          During a recent round of interviews with several banks, headhunters sent across a number of potential technical questions that they said I should be very comfortable with. However, through all of my interviews I was never actually ask ...

    40 comments - 29 silver bananas - Jul 11 2015 - 3:54am -

  6. Does unlevered cash flow exclude interest?

    I've read two different interview guides (MI & WSO). One says Unlevered cash flow includes interest and the other say it excludes. which one is it? dcf ...

    35 comments - 0 silver bananas - Aug 18 2016 - 1:19pm -

  7. Lender/Debt Fund Modeling vs Broker Modeling

          This is a bit early but still curious, I'm looking to make the transition out of brokerage roles to lender/fund side. What are the differences in modeling required? I am used to making a 10 year DCF with equity hurdles and JV spl ...

    13 comments - 5 silver bananas - Jun 28 2016 - 7:30pm -

  8. Oil and Gas Valuation

    How do you do a DCF valution of a small cap Oil and Gas E&P company? What parameters do we use to predict future growth? dcf oil and gas ...

    25 comments - 0 silver bananas - Feb 26 2017 - 10:03pm -

  9. Real Estate DCF Valuation (upcoming interview!)

    Hey guys, Can someone help me to understand real estate DCF valuation specifics? How exactly is the WACC calculated for a real estate DCF model? Does the tax shield diminish the cost of dept like in the classical WACC calculation? Maybe a silly question, ...

    28 comments - 0 silver bananas - Oct 10 2016 - 4:43pm -

  10. How to DCF like a rock star

    Interning in IBD? Here are the steps to running a DCF like a seasoned analyst. 1: Build out a basic DCF template and enter what data you know for sure. 2: Have your associate get a sense from the senior guys as to what final number will make the deal work ...

    25 comments - 4 silver bananas - Jul 13 2012 - 12:45pm -

  11. Two Superdays Next Week--Advice On How To Answer Two Possible Questions

          Hi guys, I have two superdays next week: one for a large Real Estate Private Equity Firm and another for a Large REIT. In my previous interviews I've been fairly confident in my answers to technical questions aside from two: 1. W ...

    12 comments - 2 silver bananas - Mar 31 2016 - 6:20pm -

  12. How Tax Rate affects Enterprise Value (EV)

    Hi all, I have some questions on an undying topic that's continuously discussed on the street: how tax rate affects EV valuation of companies. Some people argue it's positively correlated to EV while others argue it's the opposite. Based on ...

    11 comments - 1 silver bananas - Sep 8 2016 - 3:18pm -

  13. How to find a property's intrinsic cap rate?

          I am at an otherwise traditional PE/ HF firm that is pretty much doing its first RE deal...so we are all new to this shabang. My boss wants me to find a way to get a property's intrinsic cap rate, as in he does not want to rely o ...

    17 comments - 1 silver bananas - Jun 29 2015 - 11:45pm -

  14. FCFE and terminal value?

    Hi! I'm trying to value a holding company that owns 3 projects, one of which has amortizing debt (changing leverage) for acquisition purposes. I'm fine with valuing the firm as a whole using FCFF and assuming it will be refinanced to a target D/ ...

    9 comments - 1 silver bananas - Jan 21 2017 - 6:35pm -

  15. DCFs vs Multiples

          I've written an article about this here: http://www.treetis.com/blog/2015/6/8/valuation-why... I've had this discussion many times on these forums. I think there is too much importance placed on DCFs- maybe because it seems ...

    16 comments - 0 silver bananas - Jun 8 2015 - 2:21pm -

  16. If a company is expected to perform very well/poor in the future, how is this reflected in the DCF model?

          My guess is that the WACC would change, leading to a higher or lower discount. But I'm not 100% sure because the DCF is a measure of the intrinsic value of a business. Merci! dcf Valuation Investment Banking ...

    13 comments - 0 silver bananas - Dec 12 2015 - 8:10pm -

  17. Setting Up a Sensitivity Table for a DCF

    Hey guys, I'm a trying to teach myself basic modeling in my free time. I'm having trouble creating a Sensitivity Table. I know I need to use a data table but I'm having trouble setting it up, every time I try I get that my input cells are i ...

    16 comments - 1 silver bananas - Nov 8 2016 - 3:49pm -

  18. Model won't balance. Any help?

         ------ Model dcf ...

    18 comments - 0 silver bananas - May 27 2013 - 2:17am -

  19. Stock-based compensation and free cash flow

    In Joshua Rosenbaum 's Investment Banking, free cash flow is calculated as: EBIT(1-t) + D&A- Capex- Increase/(Decrease) in NWC. Most sources present the formula for free cash flow this way, without any mention of stock based compensation. However ...

    20 comments - 1 silver bananas - May 25 2013 - 8:54pm -

  20. Change in NWC in Terminal Value

          Hi, I was wondering how (or if) the change in NWC effects the Terminal Value. I understand that in a DCF NWC has a slightly different definition (does not include Cash and short term debt). When calculating TV I dont include D&A a ...

    18 comments - 0 silver bananas - Aug 15 2013 - 11:49am -

  21. OpenSource Argus?

    Hello all, Apologies if I missed this in a previous thread. Does anyone out there know whether a decent OpenSource (free) alternative to Argus DCF /Enterprise exists? I've seen some cheaper alternatives, but they look/feel so... cheap. They also don& ...

    7 comments - 2 silver bananas - Feb 23 2017 - 10:35pm -

  22. FCF and Equity Value for a one year company?

    I've been practicing DCFs quite a lot recently but a back to basics question has really stumped me. Imagine a company with: Revenue $150 Costs $60 Depreciation $20 CapEx $20 No discount rate It exists only for one year and will liquidate at the end o ...

    7 comments - 1 silver bananas - Jan 30 2017 - 5:35pm -

  23. Negative Operating Income and FCF's

    I'm building a DCF model. How do I calculate tax expense when Operating Income (EBIT) is negative to get to FCFs? dcf FCF ebit free cash flow negative ...

    13 comments - 0 silver bananas - Oct 10 2016 - 4:41pm -

  24. Gonna A Run A DCF, Need Ideas for Companies to Use

    Hi guys, So basically, I have to do a DCF valuation for a class and have been assigned the industrials or energy sectors. Her definition of Industrials is really broad, but it includes a variety of companies from chemicals, materials, automanufacturers, u ...

    17 comments - 0 silver bananas - Jan 3 2012 - 6:39pm -

  25. Cash from Operating Activities to UCF

          When doing a DCF, we are looking to discount unlevered cash flows. Normally, you would get UCF from Revenue- COGS, etc. all the way down. But lets say you start with the last line in the Statement of Cashflows- Net Cash from Operating ...

    16 comments - 0 silver bananas - Dec 28 2011 - 6:54am -

  26. Help Valuing A Very Negative Company

    Currently working on valuing a very indebted retail company for potential takeover and having serious troubles. Operating Income is negative, EPS is negative, Net Income is negative, EBITDA is negative and jumping all over the place, Retained Earnings is ...

    15 comments - 0 silver bananas - Dec 15 2011 - 2:33pm -

  27. DCF Valuation- Valuation range

          I am working on a valuation but need to change the valuation range. For instance my VP wants the valuation to be from $60-70M instead of $70-80M. Suggestions? Does it have to do with the discount rate/cost of equity/terminal value? Th ...

    10 comments - 0 silver bananas - Apr 19 2016 - 10:47pm -

  28. Valuation Methods in Industrial IBD group

          Hi all, I am curious if anyone is aware of the common valuation multiples and methods common when valuing companies as an analyst within a bank's industrials group. Any info would be greatly appreciated. thx Valuation dcf multipl ...

    10 comments - 0 silver bananas - Feb 7 2015 - 12:41pm -

  29. Intriguing Technical Question

    Hi guys, I have a technical question in relation to DCF and capital raisings that some of you might be able to help me with:- When doing a DCF for capital raising purposes (more specifically new equity), after discounting the cash flows and summing them t ...

    15 comments - 0 silver bananas - Jun 14 2011 - 10:05pm -

  30. Taxes Issue in a DCF

    I am looking at a company that generated losses for past few years, mainly due to extremely high interest expense and deteriorating macroeconomic forces. Even though it is generating a net loss overall, it still pays cash taxes in certain jurisdictions an ...

    12 comments - 0 silver bananas - Aug 16 2012 - 12:56am -

  31. Terminal Value too High; What to do?

    My terminal value / ev is 90%. What should I look at to find out what I did wrong? Valuation dcf Terminal Value ...

    7 comments - 0 silver bananas - Aug 1 2016 - 4:10pm -

  32. Real Life Case Study: What is the value of this 4 Tenant Retail property in Long Island?

    I have an associate who co-owns (50% undivided interest) a 4 tenant, Class B Retail property in a middle (to working) class Long Island residential area which generates $16,000 a month total NOI with NNN leases. The leases all have 5-10 years left to run ...

    11 comments - 0 silver bananas - Sep 7 2013 - 10:48pm -

  33. Pitch Book Practice

    Ok guys, I'm looking to practice writing pitch books. Primarily Sell-side. I've searched the forums/M&I and have found some useful pitch book examples and 'templates'. My question is though, how to you practise creating them? Would ...

    11 comments - 0 silver bananas - Apr 26 2014 - 10:48pm -

  34. Valuing mining company, DCF finite ou infinite?

          Hi everybody, I creater a DCF model to value mining companies. I've got one big problem pour the terminal value because i've two options: Finite life: a mine doesn't last forever, lets say 20 yrs or 40 yrs, Infinite lif ...

    13 comments - 0 silver bananas - Jun 10 2011 - 4:29am -

  35. Two companies are same but one has DEBT and the other doesn't, which has the higher WACC?

    I suppose the one without debt will have that higher WACC since debt is less expensive than equity but that doesn't make sense since if debt is less expensive, wont debt still factor into the WACC equation and cause WACC to be HIGHER? dcf ...

    12 comments - 0 silver bananas - Jun 18 2012 - 1:39pm -

  36. Firm Valuation with Trading Multiples

    Again, newbie trying to understand the logic behind valuation. For multiple derived implied valuation (EV / EBITDA) * (EBITDA), what is the logic / theory behind why this equals the value of the firm? As I'm looking going through DCF analysis, I' ...

    11 comments - 0 silver bananas - Mar 29 2013 - 9:53pm -

  37. DCF Perpetuity Growth Rate

          What are you guys currently using for the perpetuity growth rate in the DCF? I know it typically mimics GDP growth, but that is looking pretty negative right now. Are people generally using around 1.0% or is it even lower? dcf growth ...

    13 comments - 0 silver bananas - Jun 16 2012 - 10:49pm -

  38. DCF Taxes

          quick question: when I do DCF and trying to figure out FCF should I go with taxes that were actually paid or taxes that should have been paid for each corresponding period in the past? Thanks a lot! Tax dcf FCF ...

    10 comments - 0 silver bananas - Jul 1 2013 - 7:28pm -

  39. Want To Practice Running a DCF

          I've been reading a little bit about DCFs and want to practice modeling out a DCF on my own. Does anyone know what the best way to get started on doing something like this is? I'm guessing that trying to model a very large c ...

    12 comments - 0 silver bananas - Dec 10 2010 - 3:02am -

  40. Discounted Cashflow Valuations (DCF): Academic Exercise, Sales Pitch or Investor Tool?

    In my last post, I noted that I will be teaching my valuation class, starting tomorrow (February 2, 2015). While the class looks at the whole range of valuation approaches, it is built around intrinsic valuation, reflecting my biases and investment philos ...

    7 comments - 9 silver bananas - Feb 11 2015 - 4:03pm -

  41. When does it not make sense to DCF?

    Hi Monkeys, Out of curiosity, when does it not make sense to use a DCF? I know when cash flows are negative it doesn't make sense, but are there any other reasons? dcf ...

    6 comments - 0 silver bananas - Aug 15 2016 - 11:28am -

  42. Can Someone Take a Look at My Model (Especially the Debt Model)

    Hey guys, having some trouble with a model. This is just for practice; I'm modeling The Cooper Companies. In their 2015 10k, they mention they have "890.8 million available from Revolving Credit Agreement". Is this supposed to be their revo ...

    6 comments - 0 silver bananas - Aug 4 2016 - 5:54pm -

  43. How to determine FCF growth rate (perpetuity growth method)

    How do I calculate a growth rate for free cash flows in the terminal period? dcf ...

    7 comments - 0 silver bananas - Nov 20 2015 - 2:06am -

  44. DDM and Residual Income Model vs. DCF

          Why do you use DDM and Residual income models instead of DCf for banks? Thanks. dcf ...

    10 comments - 0 silver bananas - Dec 10 2012 - 11:31am -

  45. DCF/Valuation Question

    I had this question in an interview and I got it right, but my logic was a little off. Can someone clarify. The interviewer asked "9 times out of 10, which method of valuation will produce the highest valuation (DCF vs. Public comps vs. transaction c ...

    12 comments - 0 silver bananas - Dec 13 2009 - 8:16pm -

  46. dividends and DCF

    Question: How does one account for dividends in a DCF (assume WACC = cost of equity) 1) Ignore dividends and use WACC to calculate the firm value (In this case would Firm Value = Equity Value?) 2) If one were to calculate the the FCFE-> this would igno ...

    8 comments - 0 silver bananas - Feb 9 2017 - 5:12pm -

  47. How does revenue impact a company's DCF valuation?

    How might a 10% change in revenue impact a DCF valuation? I mean, step by step, where does it flow through? dcf ...

    7 comments - 0 silver bananas - Oct 25 2015 - 10:59pm -

  48. Help with balance sheet on DCF assignment

    Hey guys, I'm working on an assignment and I seem to be stuck trying to get the balance sheet to balance out. Hoping someone could take a look to see where I went wrong and point me in the right direction. Any help would be appreciated. Thanks dcf ba ...

    5 comments - 1 silver bananas - Feb 26 2017 - 4:30pm -

  49. Why does a discounted cash flow approach yield Enterprise Value? Newbies GTFO

    When looking at Enterprise Value in a market approach, it gives you sort of the "bare bones" total firm value. It doesn't include any cash because you'd basically be paying cash for cash. But in an income approach model you model cash ...

    10 comments - 0 silver bananas - Jun 13 2012 - 4:53pm -

  50. Interview next Tuesday (5/13)

    WSO AMers, I could really use your help preparing for an upcoming interview. The challenge here is that I'm jumping industries from commercial banking to Asset Management so the relevant techniques I learned in school are a little rusty. The job desc ...

    8 comments - 0 silver bananas - May 9 2014 - 10:30am -

  51. Stupid Question (DCF)

          where do people usually get market risk premium (return on mkt- risk free rate)? I know a lot of people use 10-yr t-bond rate for risk free rate, but how do ppl get return on mkt? I assume average return of comparables..? but what exa ...

    11 comments - 0 silver bananas - Apr 23 2009 - 7:05pm -

  52. DCF Questions

          Maybe we can get a thread going for all modeling questions? For example, In constructing a DCF for an ER report....... Do most poeple reconsctruct the I/S and balance sheet from what's reported on SEC.GOV? All the templates i ...

    10 comments - 0 silver bananas - Sep 30 2010 - 1:01pm -

  53. Beginners question DCF

          Hi Guys, Question with regards to following: "If we assume that the coffee shop is in operation for 5 years and we use a 10% WACC, then its value would be: Value = 31,500 + 31,500/ 1.1 + 31,500/1.1^2 + 31,500/1.1^3 + 31,500/1.1^4 ...

    10 comments - 0 silver bananas - May 12 2010 - 5:45pm -

  54. NPV/DCF Practice

    So I was thinking about a practical problem today, and I decided to calculate the NPV of the DCF for it (in excel). I was hoping someone would check my answers to see if I did it correctly (I figured maybe some others are looking for some practice with th ...

    10 comments - 0 silver bananas - Mar 31 2010 - 11:08pm -

  55. DCF Valuation Help Needed

          Hi Guys, I have some query on a company that I am trying to value on a standalone basis. When a company is in the mature stage and not expected to grow would you forecast future cash flows for 1 year or 5 years? Additionally, I have a ...

    7 comments - 0 silver bananas - Dec 27 2014 - 3:19pm -

  56. Cash Question on DCF

    Hello: I had a quick question regarding cash and CCE for public companies. What sort of things fall under CCE? I've read a mixture of things, so is the consensus (Cash, Marketable securities, T-bills)? Also, on a DCF, is only cash used, or CCE? Thank ...

    6 comments - 0 silver bananas - Jan 2 2016 - 8:39pm -

  57. Balance Sheet Projection Question- URGENT!!

    Hey guys, I'm doing a stock pitch for an interview and have questions on projecting some BS items like Accounts Payable and Accrued Expenses. This company I'm building a model for has had consistent Revenue, COGS, and AP for the past 3-4 years u ...

    5 comments - 1 silver bananas - Oct 26 2016 - 5:06pm -

  58. Appropriate cost of equity for a start up?

          I am looking to build out a DCF for a start up business which has 2 years of operating history and about $70,000 of LTM Revenues. Looking for seed funding. Any insights as to what would be an appropriate cost of equity? And if so why ...

    7 comments - 0 silver bananas - Oct 14 2014 - 1:46pm -

  59. DCF Question- How long does it take to learn?

          Quick question--how long does it take to learn dcf on your own? This is under the assumption that the person doesn't know the accounting behind it. How long will it take to learn the accounting behind it + dcf itself? How many ho ...

    7 comments - 0 silver bananas - Apr 8 2016 - 10:35pm -

  60. Does DCF value account for all inventory?

          I am currently valuing a company with a large inventory. I realize the DCF takes into account the changes in inventory in the working capital number, but what about the rest of the inventory that was not part of the change/just lying ...

    7 comments - 0 silver bananas - Sep 16 2014 - 3:53pm -

  61. Just trying to break into IB and must perfect DCF modelling the right way.

    Pretty much what the title says. I need desperate help to perfect DCF. Resources that i've found online haven't really helped much. The best resource i've found so far comes from the valuation master Demodaran himself but I wanted to see if ...

    5 comments - 1 silver bananas - Sep 20 2016 - 4:46am -

  62. GAME CHANGER in the world of modeling

    I found it very strange not to be able to find anything about Thinknum on WSO. All the analysts are already using this, all the major publications writing about it, and venture capitalists backing the project. I've only been a part of it for couple d ...

    7 comments - 2 silver bananas - Jul 30 2014 - 11:51am -

  63. DCF-negative Free Cash Flow

    Guys, a quick question. I am doing a DCF for a utility power company and right now it has positive EBITDA but negative FCF due to very high Capex. Obviously I am assuming that it will generate positive FCF in the future(in line with equity research report ...

    8 comments - 0 silver bananas - Jul 31 2012 - 9:34pm -

  64. DCF of Banker's Life

    Does anybody have a copy of the DCF Valuation of an Investment Banker's Life? There is a model that was circulating around in late 2007 that I lost a copy of but it's hilarious. The original site it was posted on was Bankersball.com which no lon ...

    8 comments - 0 silver bananas - Aug 5 2011 - 5:45pm -

  65. Intrinsic Value of a Stock?

    Disclaimer: I'm a noob and have never taken a finance class How do you calculate the intrinsic value of a stock? After searching online I keep finding answers like "the sum of all future cash flows discounted to the present". I understand h ...

    8 comments - 0 silver bananas - Apr 22 2011 - 3:27pm -

  66. How does Credit Suisse determine discount rate when valuing equities?

          I read their report on Celgene and they use 8%. It seems low. I calculated using CAMP/ WACC that it should be around 12%. dcf sell side buy side credit suisse valuations ...

    5 comments - 0 silver bananas - May 19 2016 - 5:27am -

  67. Model from scratch?

          What does building a model from scratch mean? does it mean opening up a blank piece of excel sheet and inputting everything, including account titles and formatting? I'm taking a course on financial modleling, and feel like the l ...

    8 comments - 0 silver bananas - Dec 27 2010 - 3:31am -

  68. Help with Netflix Inc. DCF

          Hey WSO, I'm pitching Netflix Inc. long this upcoming tuesday at a stock pitch competition. Currently working on the intrinsic value and I'm having a hard time figuring out the change in networking capital yoy for the histor ...

    5 comments - 0 silver bananas - Apr 21 2016 - 5:17pm -

  69. How do you decide on a multiple?- Technical question (DCF)

          When you're doing a DCF, a common way to project into the future is to use a terminal. One is the EBITDA multiple. Which can be something like 7x, 8x, 9x, etc. How do bankers decide what the multiple should be (ie 7,8,9, or whate ...

    7 comments - 0 silver bananas - Jan 12 2012 - 4:57pm -

  70. Why can't you use private companies as part of your public company comperables analysis?

          I understand that it wouldn't make sense to use a private company in your calc of cost of eq or wacc BC private companies don't have values for market cap or beta, but why couldn't you use private companies in public co ...

    5 comments - 0 silver bananas - Nov 11 2015 - 5:00pm -

  71. Mcdonalds beating...will affect the stock price Monday?

          I believe if it goes on CNBC/MNSBC/CNN/FOX NEWS then the stock will take a hit. It will play out like this.... 1. Major news stations get a hold of it. 2. They run clip and bring in panel of "experts" that argue about race i ...

    7 comments - 0 silver bananas - Apr 23 2011 - 5:55am -

  72. Navy Suit light or dark

          Guys, Im looking for a navy suit in the range of 500-600 any help. Like a french navy suit, light on the color. dont want the dark shade of navy. Investment Banking interview analyst questions banking Valuation summer analyst Money dc ...

    6 comments - 0 silver bananas - May 14 2015 - 3:56pm -

  73. What is excluded from current liabilities when calculating NWC for DCF

          I'm doing a DCF project right now and I'm trying to figure out what I should exclude from current liabilities. Current Liabilities: Accounts payable Accrued compensation and related costs Accrued occupancy costs Accrued taxe ...

    6 comments - 0 silver bananas - Sep 26 2012 - 5:46pm -

  74. What do analysts base their projections on the DCF input pages off of??

          When someone makes financial estimates on the DCF input pages, what do they base those expectations off of? Economic factors mainly? Solely previous earnings? Investment Banking dcf projections DCF analysis ...

    6 comments - 0 silver bananas - Jul 6 2012 - 4:26pm -

  75. Break-up analysis

    I'm currently valuing a conglomerate and am trying to approach with both a DCF and break-up (sum-of-the-parts) approach. I had a couple questions: 1) For the break-up analysis, the company also has a "Corporate" segment that is basically ju ...

    6 comments - 0 silver bananas - Jun 24 2012 - 10:52am -

  76. A few modeling questions for upcoming "interview"

    I spoke with an IB professional last night that told me I have one week to freshen up my knowledge on IB things. At the end of the week I have to call him and he is going to quiz me before putting me through to some recruiters. So I have a few questions I ...

    6 comments - 0 silver bananas - Feb 18 2012 - 10:13am -

  77. DCF Question- What would the discount period be?

          When doing a DCF for a company with an April 30 fiscal year end, and applying the mid-year convention, what would the discount period be (given that it's currently February)? dcf ...

    5 comments - 0 silver bananas - Apr 8 2016 - 10:36pm -

  78. What are the fastest ways to learn how to do DCFs, Merger Models, and Transaction and Public Comps in Excel in 3 Days?

    Hey fellow monkeys, For an IB internship application due in three days, I have been asked to create a DCF, merger model, and write a one-page report on a certain company using public comps and transaction comps. The problem is that I have very little expe ...

    4 comments - 0 silver bananas - May 7 2016 - 3:12am -

  79. Real Estate Excel Modeling Certificates

          In the process of interviewing with a Repe who has about $1B in assets. I come from a commercial appraisal background so I understand the valuation process and have an understanding of Argus. Is it worth it to look into excel modeling ...

    5 comments - 0 silver bananas - Apr 15 2014 - 8:00pm -

  80. dcf model

          Does anyone have a recent completed DCF model they can send me? I'm trying to fully understand how everything links together for my internship. If anyone has one they can send please PM me. Thanks in advance dcf ...

    6 comments - 0 silver bananas - Jan 30 2010 - 6:25pm -

  81. DCF Question- Discounting perpetuity twice?

          Might be a stupid question but for a DCF using Perpetuity growth for terminal value, you get the value using FCF of the 5th year plus the growth rate divided by the discount rate minus growth. But then you have to present value the 5 ...

    5 comments - 0 silver bananas - Apr 8 2016 - 10:30pm -

  82. DCF model – Does it help?

    Recently I read "Investment banking: Valuation, Leveraged Buyouts and Mergers & Acquisitions" by Rosenbaum /Pearl which inspired me to write an article explaining the theory of Discounting Cash Flow. Discounted Cash Flow analysis (DCF) is on ...

    5 comments - 0 silver bananas - Sep 10 2012 - 10:32pm -

  83. what-if valuation method: any of you assign probabilities?

          normally I'd ask this in the investing/markets section but the question is mainly geared toward hedge fund professionals so please forgive the intrusion. when you perform scenario based analysis and you compute the classic risk-t ...

    4 comments - 0 silver bananas - Feb 16 2016 - 12:14pm -

  84. dDd

         . dcf ...

    5 comments - 0 silver bananas - Apr 20 2014 - 2:41pm -

  85. When projecting statements, where do you like to pull historicals from?

          What source? CapIQ? Morningstar? Transcribing them? dcf ...

    5 comments - 0 silver bananas - Mar 23 2013 - 10:39pm -

  86. NEED GENIUS HERE-COME QUICK

          say, this segment of a company is expected to produce-100K cash flow till perpetuity how do i discount it? discounting negative value makes no sense eg, if my cost of capital was 10% i would have a PV of-1M if my cost of capital was 5 ...

    5 comments - 0 silver bananas - Dec 6 2012 - 9:34pm -

  87. What's the average discount rate for a early-stage technology company?

          My bank works with very early stage companies, and I'm currently looking through some of the models and trying to understand them. WACC is calculated to be ~9% using beta derived by doing comps on capIQ. It looks like we then app ...

    5 comments - 0 silver bananas - Aug 16 2012 - 12:52pm -

  88. Help Building DCF Model

          I'm currently trying to build my own DCF model. I've studied the Rosenbaum format as laid out in his Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions. Does anyone have any excel files of DCF m ...

    5 comments - 0 silver bananas - Jun 18 2012 - 7:11pm -

  89. quick DCF questions...

    Hey everyone, first post here 2 questions, 1st for DCF we discount future year cashflow and add terminal value to get EV and from there we add/subtract stuff to get our implied equity value and share price.. but what about the current year free cash flow? ...

    5 comments - 0 silver bananas - Mar 10 2012 - 10:00pm -

  90. Discounted Cash Flow

          Hey guys so I am doing a presentation on a particular stock and I am trying to figure out how to calculate DCF. I have used multiple sources and have come to no avail. Can someone please explain to me a basic model someone can use to ...

    5 comments - 0 silver bananas - Oct 28 2011 - 5:06pm -

  91. DCF- Tax or Book Depreciation?

          When doing a DCF, should you be using the company's book depreciation, or tax depreciation? I assume tax, but wanted to check. dcf Depreciation ...

    5 comments - 0 silver bananas - Jun 14 2011 - 6:08pm -

  92. DCF- forecast period HELP

          I am confused when people say that the forecast period is determined by the amount of time it takes for a company to reach a "steady state of growth." If I assume a 3 year forecast period for company XYZ now, it doesn't ...

    5 comments - 0 silver bananas - Jan 14 2011 - 10:11pm -

  93. unlever beta with preferred stock

    Dear all, My query is the following (hope one of you could help): I'd like to take into account preferred stock when unlevering equity beta & then relevering the asset beta to a new equity beta, appropriate to the target cap. structure. If I pick ...

    3 comments - 1 silver bananas - Feb 16 2017 - 3:06am -

  94. mention updated dcf model experience?

          hi guys, during my internship, i helped update a few DCF models.....thus i dont know DCF models inside-out because i didnt create them cell by cell but i did update the models that were created by someone else by using Bloomberg' ...

    5 comments - 0 silver bananas - Sep 16 2010 - 9:10pm -

  95. Few technical questions about DCF

    Hello guys, Thanks for the forum, very helpful. I have a few questions about DCF and would appreciate your replies: 1. I understand that in finding the WACC, the "appropriate" capital structure for the target should be used and not the current c ...

    5 comments - 0 silver bananas - Apr 25 2010 - 4:34am -

  96. Pharma Comps/Precedents

          Hey, Don't have banking resources available to me...just a student and wanted to know where I can find comps and precedents for pharmaceutical companies with transaction dates of 1998? I'm trying to make a football field (dc ...

    5 comments - 0 silver bananas - Mar 31 2009 - 9:34pm -

  97. How DCF accounts for assets value?

          Could someone please explain or refer to the link on how DCF accounts for the value of assets? For example, when analyzing companies we can do FCF based perpetuity model and get the intrinsic value of the company. I am confused on how ...

    4 comments - 0 silver bananas - Feb 25 2014 - 5:06am -

  98. DCF Analysis Q

          Self teaching myself DCF analysis and trying to wrap my head around the concept of: Why does DCF = Enterprise Value? I have a hazy feeling it has something to do with net present value (maybe), but I'm not entirely sure. Any clar ...

    4 comments - 0 silver bananas - Mar 27 2013 - 5:32pm -

  99. Free Cash Flow question

          Hello Monkeys, Quick one, when getting the FCF in order to create a DCF, do we take this number from the change in cash and cash equivalents YoY (obviously adding back in dividend payments) Can it be that simple?? dcf ...

    4 comments - 0 silver bananas - Feb 4 2013 - 11:12am -

  100. Cost of Capital / DCF question

    Hi guys Just a question about DCF modelling. So I get cost of capital- it's basically used to discount future cashflows so that they can be compared with other investment options. For example, a company might be deciding whether to invest in new acqu ...

    4 comments - 0 silver bananas - Dec 10 2012 - 4:15pm -

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