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Journal articles on the topic 'FCFF'

Author: Grafiati

Published: 4 June 2021

Last updated: 26 July 2025

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1

Silva, Joao Marques, and Jose Azevedo Pereira. "Over-Valuation: Avoid Double Counting when Retaining Dividends in the FCFE Valuation." International Journal of Financial Research 8, no. 4 (2017): 107. http://dx.doi.org/10.5430/ijfr.v8n4p107.

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Valuation based on DCF (Discounted Cash Flow) has been the dominant valuation procedure during the last decades. In spite of this dominance, enterprise valuation using the discounted FCF (Free Cash Flow) model has some practical drawbacks, since there is often some confusion on how to effectively use it. Commonly, the valuation procedures start by estimating future FCF figures from historical data, such as mean FCF, growth and retention ratio, alongside many other variables. These FCF forecasts are discounted at the cost of equity (FCFE – FCF to Equity) or the Weighted Average Cost of Capital

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2

Polteva, T. V. "Methodological toolkit for evaluating an investment project using the FCFF and FCFE models." Vektor nauki Tol'yattinskogo gosudarstvennogo universiteta. Seriya Ekonomika i upravlenie, no. 1 (2023): 27–33. http://dx.doi.org/10.18323/2221-5689-2023-1-27-33.

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Maintaining the competitiveness of enterprises is impossible without the implementation of investment projects. The current global situation, which requires enterprises to use modern solutions aimed at the Russian economy development in the face of sanctions dictates the necessity to develop investment activity. The study substantiates the need to develop methodological tools for evaluating an investment project. Based on the analysis of scientific literature and the systematization of the best practices, the author developed the most complete methodological toolkit for evaluating investment p

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Kustra, Arkadiusz, and Sylwia Lorenc. "Financial Balance Analysis of Geothermal Companies in Poland Based on Managerial Cash Flows." Energies 14, no. 23 (2021): 7885. http://dx.doi.org/10.3390/en14237885.

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The use of geothermal energy to produce heat and electricity has become increasingly important in recent years. This is mainly due to environmental issues and the need to ensure energy security. The aim of the article was to analyse and compare the ability to maintain cash balance of selected geothermal companies in Poland. The following were taken for verification: Przedsiębiorstwo Energetyki Cieplnej PEC Geotermia Podhalańska S.A., Geotermia Poddębice Sp. z o.o., Geotermia Mazowiecka S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia Czarnków Sp. z o.o. The adopted research methodology, combin

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4

Kaviani, Meysam. "Study of Information content Economic Value Added in Explain new models based on Free Cash Flow (CVFCFF and CVFCFE)." International Journal of Accounting and Financial Reporting 3, no. 1 (2013): 277. http://dx.doi.org/10.5296/ijafr.v3i1.3767.

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Free Cash Flow (FCF) is one of the measures based on cash flow for measuring performance of firms, among various evaluation measure of performance; that indicates the cash of firm after doing necessary expenditures for keeping and developing properties. Due to that, various models based on FCF have been explained for evaluation of firms in which free cash flow to firm (FCFF) and Free Cash Flow to Equity (FCFE) can be considered as the important ones.This paper aims to give new models of Free Cash Flow. These models are called Created Value from Free Cash Flow to Firm (CVFCFF) and Created Value

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Mielcarz, Paweł, and Franjo Mlinarič. "The superiority of FCFF over EVA and FCFE in capital budgeting." Economic Research-Ekonomska Istraživanja 27, no. 1 (2014): 559–72. http://dx.doi.org/10.1080/1331677x.2014.974916.

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Silva, Joao Carlos Marques, and José Azevedo Pereira. "Taking the highway out: exiting the stock market to maximize results." CASE Journal 18, no. 2 (2021): 170–219. http://dx.doi.org/10.1108/tcj-01-2021-0020.

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Theoretical basis The essence of discounted cash flow valuation is simple; the asset is worth the expected cash flows it will generate, discounted to the reference date for the valuation exercise (normally, the day of the calculation). A survey article was written in Parker (1968), where it was stated that the earliest interest rate tables (use to discount value to the present) dated back to 1340. Works from Boulding (1935) and Keynes (1936) derived the IRR (Internal Rate of Return) for an investment. Samuelson (1937) compared the IRR and NPV (Net Present Value) approaches, arguing that ration

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Hendrawan, Riko, and Ariful Ulya. "Do We Believe In Value? : Valuing Toll Road Sub Sector Companies Listed On Idx." Jurnal Manajemen Indonesia 23, no. 1 (2023): 83. http://dx.doi.org/10.25124/jmi.v23i1.4011.

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The purpose of this to examining the intrinsic value of the shares of toll road operator companies in IDX in 2021. This research uses data from 2016 to 2020 to calculate the historical performance of each company and is projected from 2021 to 2025. We used pessimistic, moderate, and optimistic scenario. The method used is DCF method with FCFF approach and the calculation of the Relative Valuation method using PER and PBV approaches. The results based on the DCF-FCFF method showed that JSMR was overvalued for the pessimistic scenario and undervalued for the moderate and optimistic scenarios, wh

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Chen, Bowen, Wei Lu, and Simeng Wang. "The Valuation and Analysis of Apple Inc." BCP Business & Management 13 (November 16, 2021): 72–75. http://dx.doi.org/10.54691/bcpbm.v13i.47.

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In order to define a reasonable value of Apple’s stocks, a number of valuation models can be considered, including FCFF model, DDM, VC method, FCFE model and multiples valuation model. In the research, we use WACC and DCF calculation to evaluate the Apple company’s further value, and judging whether it is undervalued or overvalued based on historical data and market direction. As different models and data provide various results, they have different limitations and uses. For DCF, although some of the data used in its calculations are based on people's subjective analysis of the future, its val

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9

Wijaya, Putra Chandra. "Analysis of Stock Valuation of Automotive Filter Spare Parts Manufacturing Company PT. Astra Otoparts Tbk & PT. Selamat Sempurna Tbk with Free Cash Flow Method." Formosa Journal of Applied Sciences 4, no. 3 (2025): 845–60. https://doi.org/10.55927/fjas.v4i3.62.

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This study aims to analyze the stock valuation of PT Astra Otoparts Tbk and PT Selamat Sempurna Tbk using the Free Cash Flow to the Firm (FCFF) and Free Cash Flow to Equity (FCFE) methods to determine the fair price of shares. The data used is secondary data from financial reports in 2022 and 2023, as well as other financial market sources. The research method used is descriptive qualitative, with a fundamental analysis approach to assess whether stocks are undervalued or overvalued. The analysis is conducted to assist investors in making investment decisions based on the company's intrinsic v

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10

Dukalang, Hendra, Wiwin Koni, and Nhayu Cahya Mokoagow. "Comparison of Dividend Discount Model With Free Cash Flow To Firms For Valuation of Banking Stocks Listed in Jakarta Islamic Index (JII) Period 2016-2020." IQTISHADUNA 12, no. 2 (2021): 278–85. http://dx.doi.org/10.20414/iqtishaduna.v12i2.4468.

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This study aims to find out and analyze the fair value of stocks and stock conditions in banking companies using dividend discount model (DDM) and free cash flow to firms (FCFF) during the 2016 – 2020 period. The population is in research in as many as 70 companies. Determination of samples with purposive sampling techniques, so that the samples obtained by 2 companies. The data used is secondary data and calculations by using Microsoft Excel 2016 application. The results showed that of the 2 banking companies listed in JII, bris and BTPS shares have different intrinsic values. Valuation Resul

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Gümüş, Umut Tolga, and Deniz Alkan. "Firma Değerlemesi Yöntemlerinden FCFE, FCFF ve Piyasa Değeri ile Borsa İstanbul 100 Endeksi İnşaat-Bayındırlık Sektöründe Bir İnceleme." Turk Turizm Arastirmalari Dergisi 2, no. 6 (2019): 382–97. http://dx.doi.org/10.26677/tr1010.2019.136.

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Dinarjito, Agung. "Penyusunan Forecasting Laporan Keuangan Menggunakan Weighted Moving Average Dan Penilaian Penyertaan Modal Negara Pada BUMN Konstruksi." Jurnal Pajak dan Keuangan Negara (PKN) 4, no. 1 (2022): 147–65. http://dx.doi.org/10.31092/jpkn.v4i1.1766.

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Peramalan laporan keuangan dan penilaian usaha menjadi satu kesatuan proses penilaian penyertaan modal Pemerintah pada BUMN. Peramalan laporan keuangan digunakan untuk melihat kelangsungan hidup perusahaan dari sisi kinerja dan posisi keuangannya. Penelitian ini merupakan penelitian deskriptif dengan pendekatan studi kasus dengan obyek penelitian adalah PT Waskita Karya (persero) Tbk (WSKT). Tujuan penelitian ini adalah untuk membuat proyeksi lapoaran keuangan menggunakan metode moving average, melakukan penilaian usaha dan penilaian intrinsik saham, serta melakukan penilaian penyertaan modal

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Wang, Jinlong, Shulong Cai, and Yan Xu. "Value Evaluation of Moutai Group Based on FCFF Model." E3S Web of Conferences 292 (2021): 02055. http://dx.doi.org/10.1051/e3sconf/202129202055.

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As the stock with the highest stock price in China, Guizhou Moutai is favored by the public investors, and also focused by the local and central governments. However, in the whole investment market, in order to deal with the problem of information asymmetry between enterprises and investors, any rational investor will try to obtain more accurate enterprise information and pay attention to the analysis and suggestions of professionals, so as to ensure the safety of their investment and obtain considerable profits. Therefore, in order to reveal the accurate situation of the enterprise value unde

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Subangun, Yohannes Asido, and Aries Heru Prasetyo. "Peningkatan Nilai Perusahaan PT Samudera Jaya Mandiri Tahun 2024-2028 Atas Investasi Kapal Mary Anne." Jurnalku 4, no. 1 (2024): 23–35. http://dx.doi.org/10.54957/jurnalku.v4i1.693.

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Tujuan dari penelitian ini untuk mengetahui serta menganalisis valuasi dan strategi untuk meningkatkan nilai PT Samudera Jaya Mandiri saat ini. Metode analisis kuantitatif dan deskriptif digunakan dalam penelitian ini. Tujuan penelitian untuk menggambarkan apakah strategi investasi pembiayaan Kapal Marry Anne yang dilakukan PT Samudera Jaya Mandiri berhasil meningkatkan nilai perusahaan tahun 2028. Hasil dari proyeksi perhitungan terhadap valuasi pada PT Samudera Jaya Mandiri dengan metode Free Cash Flow to Firm (FCFF). Hasil tersebut terus meningkat hingga pada tahun 2028 perusahaan akan meng

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15

乔, 洋. "Enterprise Value Evaluation of Yiling Pharmaceutical Based on FCFF Model." World Economic Research 13, no. 03 (2024): 291–98. http://dx.doi.org/10.12677/wer.2024.133032.

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崔, 雯婷. "New Energy Enterprise Value Evaluation Based on FCFF Improved Model." World Economic Research 13, no. 04 (2024): 605–14. https://doi.org/10.12677/wer.2024.134067.

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Siregar, Johannes Kristian. "Analisis Valuasi Nilai Saham Perusahaan Industri Pulp & Paper Menggunakan Metode Free Cash Flow To Firm (Fcff) Dan Relative Valuation Periode 2015-2019." Economics Professional in Action (E-PROFIT) 3, no. 2 (2021): 54–74. http://dx.doi.org/10.37278/eprofit.v3i2.411.

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Data Kementerian Perindustrian menunjukkan kebutuhan kertas di era global saat ini berkisar 394 juta ton. Jumlah ini diprediksi tumbuh 24,4% menjadi 490 juta ton pada 2020. Konsumsi kertas di dunia diramalkan tumbuh rerata 2,1% per tahun, sedangkan pasar negara-negara berkembang naik 4,1% per tahun dan negara maju 0,5%. Fenomena yang terjadi pada perusahaan industri pulp & paper bergerak stabil cenderung turun dalam pengamatan 10 tahun terahkir. Pergerakan dan pertumbuhan harga saham perusahaan yang terdaftar di bursa saham di Indonesia dari tahun ke tahun yang berfluktuatif serta dari has

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Rizal, Faishal, A. Sumirat Erman, and Sukarno Subiakto. "Financial Performance Analysis and Valuation Assessment of Pt Bumi Resources in Comparison with Pt. Adaro Energy Tbk. and Pt. Bukit Asam Tbk. For Period of 2017-3rd Quarter of 2022." International Journal of Current Science Research and Review 06, no. 02 (2023): 1139–51. https://doi.org/10.5281/zenodo.7634090.

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<strong>ABSTRACT: </strong>Indonesia is the third largest country in the world producing coal products. PT. Bumi Resource Tbk. (BUMI) is a coal industry company with the highest market capital, but its financial performance is not good when viewed from its net income in the 2017-3rd quarter of 2022. Financial ratio analysis is used to evaluate the company's financial performance. This analysis uses the provisions of the ministry No.KEP-100/MBU/2002 which is divided into 4 factors, namely profitability, liquidity, activity and solvency ratio. Economic Value Added (EVA) and FCFF valuation ar

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Krulicky, Tomas, Jakub Horak, and Kristyna Skulcova. "Business valuation in times of crisis." SHS Web of Conferences 91 (2021): 01039. http://dx.doi.org/10.1051/shsconf/20219101039.

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Business valuation is very important and complex process, mainly in the current global situation. To determine the company value, we will base our calculations on an analysis of the internal environment of the company, which is affected by macroeconomic and microeconomic influences. The aim of this paper is to determine the value of a selected company using FCFF in an environment of negative and unplanned interventions in the economy. The main source for determining the value of the company is data obtained from the financial statements and annual reports of the limited liability company Pepco

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Aji Kurniawan, Adi, and Irni Yunita. "Valuation of Sharia Stocks Using the Discounted Cash Flow Method with the Free Cash Flow to Firm and Relative Valuation Approaches (Case Study on the IDXHIDIV20 Index for the Period 2019–2023)." American Journal of Economic and Management Business (AJEMB) 4, no. 5 (2025): 451–71. https://doi.org/10.58631/ajemb.v4i5.211.

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The growing interest in Sharia-compliant investments has intensified the need for in-depth analysis of Islamic stocks, particularly those offering consistently high dividends. Despite the challenges posed by the COVID-19 pandemic, geopolitical conflicts, and political instability, several listed companies have demonstrated solid financial performance. This study aims to assess the intrinsic value prominent Sharia-compliant stocks listed in the IDXHIDIV20 index using the Discounted Cash Flow (DCF) method with a Free Cash Flow to Firm (FCFF) approach. To validate the findings, the Relative Valua

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Maolin, Hu. "Investment Value Analysis of Internet Companies Based on the FCFF Model." Advances in Social Sciences Research Journal 11, no. 10 (2024): 364–74. http://dx.doi.org/10.14738/assrj.1110.17629.

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With the continuous progress and development of society, China's capital market has experienced successive waves of investment enthusiasm. As investors’ perspectives become increasingly rational, companies' management objectives have shifted from an initial focus on profit maximization to a broader goal of maximizing corporate value. Throughout this evolution in management goals, investors have become more concerned with the intrinsic value of companies. With the advent of the 5G era, the internet industry is experiencing a new wave of development. Against this backdrop, how investors can reas

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Cao, Yiliang. "Intrinsic Value Evaluation of CNPC: A Comprehensive Analysis." International Journal of Global Economics and Management 4, no. 2 (2024): 269–74. http://dx.doi.org/10.62051/ijgem.v4n2.27.

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This paper aims to evaluate the intrinsic value of China National Petroleum Corporation (CNPC) through a specially designed valuation system tailored to the unique characteristics of the Chinese oil industry. Utilizing an entropy method to calculate the company's valuation premium rate, referred to as the "China-Specific Valuation Premium Rate" (CSVPR), the analysis incorporates various valuation models, including the Free Cash Flow to Firm (FCFF) model, Dividend Discount Model (DDM), Economic Value Added (EVA) model, and Relative Valuation model.

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Vrbka, Jaromír, and Pavla Vitková. "The applicability of FCFF method evaluating an enterprise of Real Estate segment." SHS Web of Conferences 91 (2021): 01042. http://dx.doi.org/10.1051/shsconf/20219101042.

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The article aims at evaluating a specific enterprise of the Real Estate segment using FCFF (Free Cash Flow to Firm) method. This technique determines the company’s value through free cash flows. Enterprise valuation presents a distinct discipline requiring appraiser’s deep understanding not only of the evaluated enterprise but also other external decisive influences. The theoretical part focuses on calculation procedures using The CAPM (Capital Asset Pricing Model) model quantifying separate variables that determine discount rates. The suggested technique deals with specific financial data of

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Saptono, Saptono, and Farida Titik Kristanti. "Does The Stock of Indonesian Provider Tower Industry Have a Fair Value?" GATR Global Journal of Business Social Sciences Review 6, no. 4 (2018): 130–39. http://dx.doi.org/10.35609/gjbssr.2018.6.4(4).

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Objective - The objective of this study is to evaluate the stock intrinsic value of companies listed on the Indonesian Stock Exchange. The evaluation is carried out by using a DCF method of Free Cash Flow to Firm (FCFF) approach, and a relative method of Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. Each approach uses three scenarios of optimism, moderation and pessimism. Methodology/Technique - The historical data of the companies between 2014 and 2017 was used to predict their performance in the period between 2018 and 2021. Findings - The results of this study indi

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Adrianov, Bobby, and Riko Hendrawan. "Tire Company’s Valuation in Using Free Cash Flow to Firm and Relative Valuation Method." Indonesian Journal of Multidisciplinary Science 2, no. 11 (2023): 3865–73. http://dx.doi.org/10.55324/ijoms.v2i11.624.

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Tire company shares are considered to be the most prospective in 2018. This is related to the increasing level of tire exports, especially to Europe. Goodyear Indonesia (GDYR), Gajah Tunggal (GJTL), and Multistrada Arah Sarana (MASA) are three listed companies listed on the Indonesia Stock Exchange in 2014-2018. This thesis analyzes the intrinsic price of shares in the Tire Sub-Sector using the Discounted Cash Flow - Free Cash Flow to Firm (FCFF) Method and the Relative Valuation (RV) approach, so that interested parties or investors can assess how the third issuer's position shares. The basis

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Dewi, Helena. "VALUASI BISNIS BARU DAN OPTIMAL CAPITAL PERUSAHAAN JASA INDUSTRI (MAKLON) BAGI UMKM KERIPIK KEMASAN. (STUDI KASUS: PT KRISPINDO)." Ultimaccounting : Jurnal Ilmu Akuntansi 12, no. 2 (2020): 254–69. http://dx.doi.org/10.31937/akuntansi.v12i2.1870.

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The increase of MSMEs in the food and beverage industry recently experiencing significant growth, especially during the Covid-19 pandemic. According to statistical data released by the Badan Pusat Statistik (BPS) in November 2020, the food industry dominated Micro and Small businesses in 2019 for 36.23%. The increasing number of MSME businesses in this sector becomes an opportunity for the processing services industry (contract manufacturer) to help MSMEs with all limitations. This study conducted a case study on PT. Krispindo as a company engaged in processing services (contract manufacturer)

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Setiawan, Gideon Ericko, and Erman Sumirat. "Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)." European Journal of Business and Management Research 6, no. 5 (2021): 127–31. http://dx.doi.org/10.24018/ejbmr.2021.6.5.1065.

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As one of the world’s most populous countries with a fast-growing economy, Indonesia's market for pharmaceuticals has become very promising. COVID-19 pandemic that outbroken since early 2020 has brought a huge impact on the overall country condition while at the same time stimulate the growth of the pharmaceutical market as it is forecasted to grow at a CAGR of 6.3% between 2016 and 2021 according to IQVIA. This situation creates a reaction in the stock market especially of pharmaceutical companies that experienced an average increase of 67% since last year with its key driver of news regardin

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Setiawan, Gideon Ericko, and Erman Sumirat. "Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)." European Journal of Business and Management Research 6, no. 5 (2021): 127–31. http://dx.doi.org/10.24018/ejbmr.2021.6.5.1065.

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As one of the world’s most populous countries with a fast-growing economy, Indonesia's market for pharmaceuticals has become very promising. COVID-19 pandemic that outbroken since early 2020 has brought a huge impact on the overall country condition while at the same time stimulate the growth of the pharmaceutical market as it is forecasted to grow at a CAGR of 6.3% between 2016 and 2021 according to IQVIA. This situation creates a reaction in the stock market especially of pharmaceutical companies that experienced an average increase of 67% since last year with its key driver of news regardin

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Rajhans, Rajni Kant. "Godrej properties: valuation using the capital cash flow technique." Emerald Emerging Markets Case Studies 10, no. 3 (2020): 1–23. http://dx.doi.org/10.1108/eemcs-01-2020-0026.

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Learning outcomes The case is focused to meet the following learning objectives: the readers will be able to recall basic cash flow estimation concepts; and the readers will be able to explain various features of capital cash flow (CCF). The participants will be able to implement the CCF model in real estate firm valuation. The participants will be able to compare CCF and free cash flow to the firm (FCFF) models. The participants will be able to evaluate the benefits of CCF over FCFF. The readers will be able to construct the CCF valuation model for firm valuation. Case overview/synopsis On 19

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Raharjo, Bangkit Widhi, and Jerry Heikal. "Valuation Model for The Acquisition of PT Prima Globalindo Logistik Tbk (PPGL) Shares by PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI)." AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis 5, no. 2 (2025): 806–20. https://doi.org/10.37481/jmeb.v5i2.1354.

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The aim of this research is to assess the valuation for the acquisition, which is a strategic goal focused on improving performance through product diversification. By acquiring PT Prima Globalindo Logistik Tbk (IDX: PPGL), PT Pelayaran Nasional Ekalya Purnamasari Tbk (IDX: ELPI) intends to broaden its product portfolio by incorporating PPGL’s existing offerings. The study utilizes a quantitative approach, which involves gathering numerical data and analyzing it with statistical methods. The goal is to determine an appropriate transaction structure and price for PT Prima Globalindo Logistik Tb

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B S, Anusha. "Evaluation of FCFF in Post Acquisition - A Case Study of Bharti Airtel acquiring Zain Africa." International Journal for Research in Applied Science and Engineering Technology 6, no. 6 (2018): 1292–96. http://dx.doi.org/10.22214/ijraset.2018.6189.

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李, 娜. "Research on Valuation and Risk Level of Midea Group Based on FCFF and VaR Methods." Operations Research and Fuzziology 14, no. 01 (2024): 191–203. http://dx.doi.org/10.12677/orf.2024.141018.

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RAJAGOPALAN, DR KAMAL KUMAR. "Valuation Of Fmcg Company Using Adjusted Present Value Model." Restaurant Business 118, no. 8 (2019): 84–93. http://dx.doi.org/10.26643/rb.v118i8.7169.

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Valuation is the process of finding the current net worth of the company or finding the fair & market rate of particular company by consider the market rate of the asset of the company, capital structure of the company. For calculating the current net-worth of the company researcher used APV model for the study. Objective of the paper is to find out the current net-worth of the company, the researcher adopted analytical research method. FCFF, WACC, ROIC and growth rate are data analysis tools used for the study are. From this research it is found that company has to focus on increasing its

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Plančić, Ibrahim, Malik Čabaravdić, Edin Begović, and Belma Fakić. "ANALYSIS HARDNESS CHANGES OF TUBULAR WORKPIECES MADE OF AL 99.5% FORWARD COLD FLOW FORMING PROCESS." Mašinstvo 12, no. 4 (2015): 59–74. https://doi.org/10.62456/jmem.2015.04.059.

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&lt;p style=&quot;text-align: justify;&quot;&gt;Final product of the cold forming process gain many advantages that are mostly produced by strengthening of the material in the process. Those advantages are primarily explained as improving mechanical characteristic of the work material. Because of the effects of strengthening and as one of the specific methods of forming rotationally symmetrical parts in demanding industries increasingly applied forward cold flow forming (FCFF). In this paper is shown an example of forward cold flow forming application process in production of 9

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Dohmeyer, Bob, and Peter Butler. "The Implied Private Company Pricing Line: Empirically Observing the Cost of Capital COC = FCFF/P + G." Business Valuation Review 31, no. 1 (2012): 35–47. http://dx.doi.org/10.5791/bvr-d-12-00006r1.1.

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Jin, Shengsheng, Chengyu Qi, and Huining Xie. "Investment Analysis of Amazon: Valuation, Regression Models, Risk Assessment, and Strategic Hedging." Advances in Economics, Management and Political Sciences 139, no. 1 (2024): 224–34. https://doi.org/10.54254/2754-1169/2024.19452.

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In contemporary quantitative finance, accurately valuing large-cap growth stocks with great momentum, like Amazon, is crucial for portfolio optimization and risk management in a market mainly consisting of mega-cap stocks. This paper analyzes Amazon's investment potential, focusing on valuation, risk, and hedging strategies. Using the Free Cash Flow to the Firm (FCFF) and Capital Asset Pricing Model (CAPM), we estimate a 16% upside in Amazon's share price, reflecting strong growth potential. Regression analysis shows significant links between its stock and key economic indicators, while a Valu

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Hutapea, Ecryna Cyntia, Tyara Pratiwi Poernomoputri, and Pardomuan Sihombing. "ANALISIS VALUASI NILAI WAJAR SAHAM PT. ADARO ENERGY TBK MENGGUNAKAN METODE FREE-CASH FLOW TO FIRM (FCFF)." Journal of Applied Finance & Accounting 5, no. 2 (2013): 240–70. http://dx.doi.org/10.21512/jafa.v5i2.796.

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PT Adaro Energy Tbk, an Indonesian private company engaged in coal mines and became the largest thermal coal producers both in Indonesia, which also operates coal mines and have the single biggest in the southern hemisphere. Coal products PT Adaro Energy Tbk has medium levels of energy content, and assign its trademark with the name of the Envirocoal. PT Adaro Energy Tbk is officially listed on the Indonesia Stock Exchange (BEI) on July 16, 2008 and was recorded as the largest company in the history of the Stock Exchange for deals done in rupiah (whereas in the US $ is the currency of the latt

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Kennedy, Posma Sariguna Johnson, Ricky Martin Manullang, Chyntia Natasha Sihombing, and Laura Magdalena Tampubolon. "Event Study: Itama Ranoraya Stock Valuation on Indonesia Stock Exchange during the COVID-19 Pandemic." Journal of Accounting Auditing and Business 5, no. 1 (2022): 43–55. http://dx.doi.org/10.24198/jaab.v5i1.38545.

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This study aims to analyze investment decisions on one of the pharmaceutical company's shares, PT Itama Ranoraya Tbk, with the code IRRA on the Indonesia Stock Exchange in 2021. The research method used is the event study method (ESM). This research is expected to enrich scientific references for event studies on non-economic events and their impact on the capital market in Indonesia in general. The data used in this research is secondary data, especially from stock movement data and company financial statements. The share acquisition for valuation is only one share from various pharmaceutical

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Dalia, Ayu Fitri Hidayat, and Yudha Sudrajad Oktofa. "Estimating the Synergy Value of Merger Valuation between Bank Syariah Indonesia (BSI) and Sharia Business Unit of (SBU) Bank Tabungan Negara (BTN)." International Journal of Current Science Research and Review 07, no. 02 (2024): 1088–93. https://doi.org/10.5281/zenodo.10637884.

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Abstract : The merger and acquisition of banking industry are a very important issue in Indonesia. Similar to other banking mergers, the mergers will benefit Bank Syariah Indonesia (BSI), Sharia Business Unit of Bank Tabungan Negara (BTN), and all company stakeholders. This study assessing Bank Syariah Indonesia’s current business environment, determine company’s valuation. This study analyses the environmental aspects of Bank Syariah Indonesia (BSI), both external and internal. Research methodology using quantitative and case study design. This study collects secondary data throug

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闫, 晶. "Research on the Value Assessment of New Energy Vehicle Enterprises Based on FCFF Model and Catastrophe Progression Method." Modern Management 15, no. 03 (2025): 7–14. https://doi.org/10.12677/mm.2025.153061.

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Ge, Yunyi. "Valuation of High-Tech Enterprises Based on FCFF and B-S Combined Model: A Case Study of Hengrui Pharma." Open Journal of Social Sciences 12, no. 09 (2024): 597–610. http://dx.doi.org/10.4236/jss.2024.129034.

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Alviandi Taniwidjaja, Davin, and Isrochmani Murtaqi. "Valuation and Business Performance Analysis of PT Barito Renewables Energy Tbk. (BREN) Post-IPO." Journal of Accounting and Finance Management 5, no. 6 (2025): 1284–90. https://doi.org/10.38035/jafm.v5i6.1291.

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This study analyzes the valuation and financial performance of PT Barito Renewable Energy Tbk (BREN), specifically examining its post-IPO performance within Indonesia's renewable energy sector. Employing the Discounted Cash Flow (DCF) method alongside a Free Cash Flow to the Firm (FCFF) approach and Relative Valuation metrics (including Price Earnings Ratio, Price to Book Value, and EV/EBITDA), the findings indicate a significant overvaluation of BREN's stock, with an intrinsic value per share derived from the DCF method estimated at $0.00832, which starkly contrasts with its market price of $

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Zhang, Guo-Fu, Xin-Ran Chen, and Zhi-Ren Li. "The Interaction and Coupling Between Enterprise Value Evaluation and Regional Ecological Environment." Ecological Chemistry and Engineering S 30, no. 1 (2023): 125–32. http://dx.doi.org/10.2478/eces-2023-0012.

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Abstract The development of industrial Internet technology enterprises plays an important supporting role in green water and green mountains, as a forestry industry with both economic value and ecological value. at present, it is facing a good opportunity for development. However, industrial Internet technology enterprises are faced with many risks, such as long investment cycle, low comparative income, and their ecological value is easy to be ignored. Based on FCFF model and LINEST function, this paper studies the enterprise value evaluation and ecological development. The main conclusions ar

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Lai, Ye, Dongliang Li, Yida Luo, and Guosheng Wu. "Analysis of Enterprise Valuation and Future Development Trends of BYD Company." Highlights in Business, Economics and Management 19 (November 2, 2023): 440–49. http://dx.doi.org/10.54097/hbem.v19i.11980.

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Due to the depletion of fossil fuels required by traditional vehicles and a series of environmental problems, new energy vehicles have gradually entered the public's vision with the advantages of low pollution, low price and high comfort. In recent years, BYD's new energy vehicles have occupied a place in China's new energy market with strong competitive advantages. This paper selects BYD as the research object, conducts valuation research on BYD enterprise, and provides suggestions for the development of new energy automobile enterprises. We mainly analyze BYD's financial performance from fou

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Limbachiya, Komal V., and Akash Kumra. "Application of discounted cash flow model valuation: Case study of Indian Power Generation & Distribution sector." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 09, no. 03 (2025): 1–9. https://doi.org/10.55041/ijsrem43218.

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India is the third-largest producer of electricity in the world. This research examines the application of the Discounted Cash Flow (DCF) model for valuing companies within the Indian power generation and distribution sector. The DCF model, a cornerstone of financial analysis, estimates a company's present value based on its projected future cash flows. This study evaluates the financial performance of the top five companies in the Indian power sector, ranked by market capitalization, using ratio analysis. The company with the strongest performance across key financial metrics was further anal

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Sari, Widya. "Analisis Pengambilan Keputusan Investasi Menggunakan Metode Discounted Cash Flow pada Saham Sub Sektor Perbankan Syariah." Jurnal Maps (Manajemen Perbankan Syariah) 8, no. 1 (2024): 10–25. https://doi.org/10.32627/maps.v8i1.1117.

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The financial sector, especially the banking subsector, has a market capitalization value ranked in the top 10 on the Indonesian Stock Exchange. Investors do not only rely on existing phenomena, but in deciding to invest they need to carry out stock analysis using a basic approach that can reduce losses and increase profits. This research aims to make investors know how to apply the best techniques in predicting stock prices for the next five years. The fundamental analysis used is the Discounted Cash Flow (DCF) method with the Free Cash Flow to Firm (FCFF) approach. This research is descripti

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Mou, Yujiang, Jianfan Yan, and Canfeng Zeng. "Valuation Analysis of Lithium Battery Industry: Evidence from Kedali." Advances in Economics, Management and Political Sciences 47, no. 1 (2023): 223–32. http://dx.doi.org/10.54254/2754-1169/47/20230400.

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In order to solve the problems of energy security and environmental pollution, governments are promoting the development of new energy industries to ensure the sustainable development of the human world. Among the new energy idustries, lithium batteries, as an important part of new energy vehicles, have widely used in recent years with the rise in sales of new energy vehicles. In China, with the increasing competition in the industry, various companies have different performances, and their business conditions affect the development of the entire new energy industry. Therefore, it is very nece

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Septiani, Alfania, and Subiakto Soekarno MBA RFA QWP CFP. Dr. "Financial Performance and Valuation Assessment of PT Gudang Garam Tbk in Comparison to PT. Hm Sampoerna and PT. Wismilak Inti Makmur." International Journal of Current Science Research and Review 06, no. 02 (2023): 1181–90. https://doi.org/10.5281/zenodo.7636352.

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Abstract : The Tobacco Products Industry (IHT) remains the primary sector as one of the largest contributors to the national economy through excise. The tobacco or cigarette processing industry amounted to IDR 21.96 trillion in the first quarter of 2022. This value grew 0.98% compared to the same period the previous year (year on year/yoy) of IDR 21.75 trillion. This final task will aim to assess the performance finance PT. Gudang Garam Tbk for the last five years has provided recommendations to PT. Gudang Garam tbk in increasing company profits and sales. Ultimately to achieve management goal

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Utama, Yusuf Ammar, and Mokhamad Anwar. "Valuasi Nilai Relatif dan Intrinsik Saham Sektor Petrokimia." Jurnal EMT KITA 9, no. 2 (2025): 402–18. https://doi.org/10.35870/emt.v9i2.3742.

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This study was conducted to determine the results of the valuation analysis of petrochemical sector stocks in Indonesia using the intrinsic value valuation method and relative valuation by comparing market prices. The research method used to conduct valuation is the intrinsic value approach using Discounted Cash Flow (DCF) with the Discounted Cash Flow (FCFF) model and relative value using the Price to Earnings (P/E), Price to Sales (P/S), and Price to Book Value (PBV) ratios. The sampling technique in this study is Purposive Sampling in accordance with predetermined criteria, namely petrochem

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Kinasih, Wening, Azib, and Susilo Setiyawan. "Analisis Pengambilan Keputusan Investasi Menggunakan Metode Discounted Cash Flow (DCF) pada Saham Sub Sektor Konstruksi dan Bangunan yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2018-2022." Bandung Conference Series: Business and Management 3, no. 2 (2023): 526–34. http://dx.doi.org/10.29313/bcsbm.v3i2.7529.

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Abstract. Infrastructure development that continues to be carried out by the Government to support national development is the reason investors can allocate capital in the construction and building sevices sector. In deciding to invest, it is necessary to conduct a stock analysis using a basic approach that can reduce losses and increase profits. Investors do not only rely on existing phenomena but need to do analysis. This research aims to let investors know how to apply the best technique in forecasting stock prices for the next five years. The fundamental analysis used is the Discounted Cas

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