Bibliografías temáticas / Free Cash Flow To The Firm

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Literatura académica sobre el tema "Free Cash Flow To The Firm"

Autor: Grafiati
Publicado: 4 de junio de 2021
Última modificación: 1 de febrero de 2022

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Artículos de revistas sobre el tema "Free Cash Flow To The Firm"

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Sitthipongpanich, Thitima. "Family ownership and free cash flow". International Journal of Managerial Finance 13, n.º 2 (3 de abril de 2017): 133–48. http://dx.doi.org/10.1108/ijmf-06-2014-0088.

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Purpose The purpose of this paper is to investigate the effect of family ownership on investment-cash flow sensitivity and on firm performance. Design/methodology/approach The author uses panel data to examine the relationship between investment and cash flow and between family ownership and the firm performance of Thai listed firms from 2001 to 2008. To account for the endogeneity of the lagged dependent variable, the investment equation is estimated by the generalized method of moments, following Arellano and Bond (1991). Findings The presence of family owners reduces the sensitivity of investment and cash flow. At low and high levels of family ownership, an increase in family shareholding leads to lower investment-cash flow sensitivity. In contrast, firms with medium family ownership levels have higher investment-cash flow sensitivity. Only at high levels of family ownership is firm performance positively related to family shareholding. Originality/value The ownership levels of family shareholders affect the investment-cash flow sensitivity in an S-shaped relation, supporting the interest alignment and entrenchment effects. When family shareholders have high ownership incentives, their interest alignment reduces the agency costs of free cash flow problems and leads to higher firm performance.
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Lin, Dan y Lu Lin. "Corporate Governance and Firm Performance: A Study of High Agency Costs of Free Cash Flow Firms". JOURNAL OF SOCIAL SCIENCE RESEARCH 12, n.º 2 (31 de julio de 2018): 2724–31. http://dx.doi.org/10.24297/jssr.v12i2.7533.

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Excessive free cash flows can lead to high agency problems as retaining free cash flow reduces the ability of capital market to monitor managers. Managers are also likely to waste the free cash flow on value-decreasing investments. Based on the free cash flow hypothesis, this study examines the relationship between corporate governance and firm performance of a sample of high agency costs of free cash flow firms, which is defined as firms that have high free cash flow and low investment opportunities. The sample firms are extracted from firms listed on the S&P/TSX composite index between 2009 and 2012. Using corporate governance scores provided by The Globe and Mail, this study finds that better corporate governance is associated with better firm performance, measured by return on equity. The results highlight the importance of corporate governance in protecting shareholders’ interests.
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Dewi, Ida Ayu Made Chandra, Maria Mediatrix Ratna Sari, I. G. A. N. Budiasih y Herkulanus Bambang Suprasto. "Free cash flow effect towards firm value". International research journal of management, IT and social sciences 6, n.º 3 (31 de mayo de 2019): 108–16. http://dx.doi.org/10.21744/irjmis.v6n3.643.

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A company is established to raise the value of the firm by maximizing profit and shareholder’s wealth. In the capital market, firm value is reflected in the stock price. To raise a firm value, needed to investigate the determinant of firm value. So, this research is aimed to determine the effect of free cash flow on firm value with dividend payout and investment opportunity set as mediator. Population in this research was companies listed on the Main Board Stock Index in Indonesian Stock Exchange for 2013-2017. The sample is 189 observation and it was taken by using purposive sampling technique. Data analysis technique used in this research is path analysis and Sobel test. This research founded that free cash flow has a positive significant effect on firm value and dividend payout, free cash flow has a negative effect on investment opportunity set, dividend payout has a positive significant effect on firm value, and investment opportunity set has a positive significant effect on firm value. Furthermore, dividend payout act as a mediator on the effect of free cash flow on firm value, but investment opportunity unable to mediate the effect of free cash flow on firm value.
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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, n.º 1 (10 de julio de 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 from Free Cash Flow to Equity (CVFCFE) that purpose of examined the content of information Economic value Added (EVA) of Iran Companies in explain of CVFCFF and CVFCFE. For this purpose a sample of 10 companies representing in the automotive of industry for a period of five years from 2005-2009 have been analyzed.The Research results indicate that there is significant relationship and positive between CVFCFF and CVFCFE with Economic value Added.
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Oktaryani, G. A. Sri y Siti Sofiyah Abdul Mannan. "The Moderating Effect of Dividend Policy on Free Cash Flow and Profitability Towards Firm Value". JMM UNRAM - MASTER OF MANAGEMENT JOURNAL 7, n.º 3 (15 de septiembre de 2018): 1. http://dx.doi.org/10.29303/jmm.v7i3.311.

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This study is aimed to determine the moderating effect of Dividend Policy on Free Cash Flow and Profitability towards Firm Value. This study use Moderate Regression Analysis (MRA) as tool to analyze the moderating effect of Dividend Policy on the sample tested. Sample are chosen by using purposive sampling method from all manufacture firms that listed on Indonesian Stock Exchange throughout 2010-2015 which offered cash dividend to their shareholders. By using panel data, the findings show that Free Cash Flow and Profitability themselves have significant effect on Firm Value. But conversely, each Free Cash Flow and Profitability does not have significant effect on Firm Value after being moderated by Dividend Policy. It is because the direct effect of Free Cash Flow and Profitability toward Firm value is bigger than the indirect effect. The results indicate that Dividend Policy is just predictor moderation in this case.Dividend Policy, Free Cash Flow, Profitability, Firm Value, Manufacture, MRA
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Jiang, Haiyan y Ahsan Habib. "Ownership concentration, free cash flow agency problem and future firm performance: New Zealand evidence". Corporate Ownership and Control 9, n.º 3 (2012): 96–110. http://dx.doi.org/10.22495/cocv9i3art8.

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This study seeks to empirically examine the effect of ownership concentration on mitigating free cash flow agency problem in New Zealand. Following Jensen’s (1986) argument that managers have incentives to misuse free cash flows, this study tests whether concentrated ownership structure helps alleviate such a problem or exacerbates it. A natural consequence of this agency problem will be overinvestment and other operational inefficiencies which are likely to have a detrimental impact on firms’ future performance. The second objective of this paper is to examine the association between FCFAP conditional on ownership concentration on future firm performance. We measure free cash flow agency problem as the product of positive free cash flows and growth opportunities proxied by Tobin’s Q and find that financial institution-controlled ownership structure in New Zealand is positively associated with free cash flow agency problem. We also document that free cash flow agency problem conditional on ownership concentration negatively affects future firm performance.
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Suwaldiman, Suwaldiman. "Pengaruh Free Cash Flow, Operating Cash Flow, dan Dividend Payout Ratio Terhadap Nilai Perusahaan". ULTIMA Accounting 10, n.º 1 (20 de diciembre de 2018): 52–65. http://dx.doi.org/10.31937/akuntansi.v10i1.845.

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This research examines the impact of free cash flow, operating cash flow, and dividend payout ratio on the firm value which is represented by stock return. This research employees a multiple linear regression analysis to test the hypothesis. Samples used in this research are 159 manufacturing companies registered in Indonesia Stock Exchange for the period of 2013, 2014, and 2015. This research reveals that free cash flow and operating cash flow have no significant impact on the firm value. Those variables seem having no important contents in the point of view of investors. Therefore they do not response to the information. However, this research proves that dividend payout ratio have significant impact on the firm value. It can be concluded that dividend payout ratio is more important than those of free cash flow and operating cash flow. Investors will positively response to the dividend information and it will significantly increase the firm value.
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Mohan, Nancy K., M. Fall Ainina y Daniel J. Kaufman, Jr. "Financial Characteristics Of Firms Adopting Poison Pill Plans". Journal of Applied Business Research (JABR) 4, n.º 2 (27 de octubre de 2011): 61. http://dx.doi.org/10.19030/jabr.v4i2.6434.

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This study investigates whether firms adopting poison pill plans possess financial characteristics indicative of their having free cash flow. The analysis uses six financial ratios selected to provide evidence of whether a firm has cash flows in excess of those needed to fund value-enhancing investments. A sample of 184 firms that have adopted poison pill plans were matched with firms from their industries. The results provide little evidence supporting the implications of the free cash flow theory.
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Alalawi, Ahmed, Gagan Kukreja y Keshav Gupta. "Free Cash Flow as a Determinant of Performance and Stock Price Movement in Multinational Energy Companies". Journal of Business Management and Information Systems 3, n.º 1 (30 de junio de 2016): 11–29. http://dx.doi.org/10.48001/jbmis.2016.0301002.

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We used the Free Cash Flow (FCF) formula to test and determine the performance of these firms, along with testing the correlation with price movement. Previous Studies showed that Free Cash flow has positive correlation with taking investment opportunities, while negative Free Cash flow represent distressed period for the firm. Questions addressed in the article is (1) whether FCF can determine the energy firm’s performance and stock price movement, (2) whether high FCF triggers investing in high return investments, and (3) whether low or negative FCF leads to financially distressed period. The results are consistent with high Free Cash flow will result in greater investment opportunity while low or negative Free Cash flow will result in distressed period for the firm. In addition, the results showed positive relation between Free Cash flow and share price movement.
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Adhikari, Ajay y Augustine Duru. "Voluntary Disclosure of Free Cash Flow Information". Accounting Horizons 20, n.º 4 (1 de diciembre de 2006): 311–32. http://dx.doi.org/10.2308/acch.2006.20.4.311.

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Modern finance texts have long advocated a focus on “free cash flow” rather than on earnings for evaluating firm performance. While U.S. GAAP does not require firms to disclose free cash flow (FCF) information, some firms voluntarily report and emphasize FCF in their financial statements. FCFs are discussed and used in some finance texts, analysts' reports, and financial press articles, yet little theoretical and conceptual guidance exists on how to compute FCF. Hence, the SEC and the FASB have expressed concern about the comparability, consistency, and transparency of these reported measures. This study provides empirical evidence on a set of firms that voluntarily disclose FCF information in their 10-K and 10-Q reports filed between 1994 and 2004. The number of firms disclosing FCF information is small but has grown in recent years. We document that FCF definitions vary widely, limiting comparability of FCF disclosures across firms. Our results also indicate that FCF firms are less profitable and more leveraged than other firms in their own industries. Moreover, FCF firms have lower credit ratings and pay out higher dividends. These results suggest that FCF firms provide FCF disclosures to augment reported income and cash flow information. As such, our results suggest that FCF firms view FCF disclosures as an important complement to their traditional reporting practices.
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Tesis sobre el tema "Free Cash Flow To The Firm"

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Rascão, Tiago Miguel Ramos. "Equity research - NOS SGPS, S.A". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21088.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
O Equity Research realizado no âmbito do mestrado de Contabilidade, Fiscalidade e Finanças Empresariais do Instituto Superior de Economia e Gestão (ISEG - Universidade de Lisboa) tem como objetivo avaliar o comportamento das ações da NOS SGPS, SA. Foi efetuado um estudo do setor das telecomunicações que está a desenvolver-se cada vez mais a nível tecnológico, sendo hoje um dos serviços fundamentais para o nosso dia-a-dia. A avaliação foi realizada à data de 31-12-2020. Esta avaliação foi efetuada com a aplicação de dois métodos: Discounted Cash Flow com a abordagem Free Cash Flow to Firm e, como complemento à avaliação, o Método dos Múltiplos. No final do estudo, os resultados demonstram que há uma subvalorização, visto que o preço das ações a 31-12-2019 era de 4,80€ (Euronext Lisbon) e o target price calculado no final deste estudo foi de 6,71€ (FCFF). Embora o resultado obtido no Método dos Múltiplos seja contrário, isto representa um upside potencial de 39,83%, sendo a recomendação final, sugerida aos investidores, de compra de ações da NOS.
The Equity Research carried out as part of the master's degree in Accounting, Taxation and Corporate Finance at the Instituto Superior de Economia e Gestão (ISEG - University of Lisbon) aims to evaluate the behaviour of NOS SGPS, SA shares. We analysed the telecommunications sector, which is developing more and more at a technological level, being today one of the fundamental services for our daily life. The evaluation was computed out on 31-12-2020. This evaluation was performed with the application of two methods: Discounted Cash Flow with the Free Cash Flow to Firm approach and, as a complement to the evaluation, the Multiples approach. At the end of the study, the results show that there is an undervaluation, as the share price on 31-12-2019 was 4.80€ (Euronext Lisbon) and the target price calculated at the end of this study was 6,71€ (FCFF). Although the result obtained in the Multiples method is the opposite, this represents a potential upside of 39,83%, with the final recommendation, suggested to investors, to buy NOS shares.
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Daysal, Sercan. "Equity Research of Turkish Airlines". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7718.

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Mestrado em Finanças
A Turkish Airlines (THY) é a companhia aérea nacional da Turquia e tem como objetivo ser uma referência global no setor das companhias aéreas. A THY tem uma vantagem competitiva dada a sua localização central em Istambul. O Trabalho Final de Mestrado que se segue tem como objetivo principal a estimatıva do valor intrínseco das ações da THY, a partir de Dezembro de 2013. Este projeto inclui uma revisão literária aos diferentes métodos de avaliação, enfatizando os seus pontos fortes e fracos. É feita uma análise específica ao nível do sector e da empresa. Procede-se uma avaliação da THY através do método Discounted Cash-Flow, resultando um valor intrínseco de 8,08 TL por ação, indicando uma subvalorização face ao preço atual de 6,44 TL. Esta avaliação indica um potencial de valorização na ordem dos 25,53% do preço por ação. Por fim, aplica-se o método de avaliação relativa para estimar a posição da THY no seu sector de atividade.
Turkish Airlines (THY) is the flag carrier airline of Turkey and it aims to be a permanent global actor in the airlines sector. THY considers itself having a constant competitive advantage since it is located on a natural hub, Istanbul. The following Master's Final Work is completed with an aim of discovering an intrinsic value for the stocks of THY as of December 2013. This project includes a literature review presenting pros and cons of different valuation techniques followed by an industry and company specific analysis. It continues with the actual valuation of THY performed by using Discounted Cash-Flows method. The final outcome using this method suggested an intrinsic value of 8.08 TL for THY stocks of those are undervalued with a price of 6.44 TL. This result indicates a 25.53% potential appreciation of the stock price for THY. Finally, relative valuation method is also applied to identify THY's position compared to how other companies in airline industry are being evaluated.
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Oliveira, Filipa Dias Fiúza de. "Trabalho de projecto - Equity Research Efacec". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7632.

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Mestrado em Finanças
Efacec é uma empresa que tem sofrido diversas alterações ao longo do tempo, passando de uma pequena empresa industrial para o maior grupo português no campo eléctrico. As suas principais características são o mercado internacional, o constante investimento em inovação e as novas tecnologias. Para além disso tem uma força de trabalho altamente qualificada, resultando numa posição persistente na vanguarda dos sectores em que desenvolve as suas atividades. O principal objectivo deste projeto é a determinação do valor intrínseco das ações da Efacec, através de uma análise detalhada da performance operacional da empresa, o seu ambiente externo e as suas perspectivas de crescimento. A avaliação foi baseada no método Free Cash Flow to Firm, o que de acordo com a revisão da literatura é o melhor método para avaliar a Efacec. De acordo com os pressupostos definidos, o valor da Efacec é 401.666.793 euros e o valor acionista é 12.457.793 euros (0,30 euros por ação). Como a Efacec não é uma empresa cotada em bolsa, o múltiplo Price Earnings Ratio foi usado para decidir se os investidores devem ou não comprar as suas ações. Tendo isto em conta, o indicador da Efacec de 1,51 é extremamente baixo comparativamente ao seu peer group (14,60). Consequentemente, o valor das ações da Efacec está desvalorizado, apesar de ser considerada umas das maiores multinacionais portuguesas. Portanto, a recomendação é de não comprar as ações da Efacec.
Efacec is a company that has undergone several changes, going from being a small industrial company to the largest group in the electric field. Its core emphases are the international market among its constant investment in innovation and new technologies. Furthermore, it has a highly skilled workforce resulting in a persistent position at the forefront of the sectors where it develops its activities. The goal of this project is to determine the intrinsic value of Efacec's shares, through a detailed analysis of the operational performance of the company, its external environment and its growth prospects. The valuation was based on the Free Cash Flow to Firm method, which according to the literature review represents the best method to assess Efacec. According to the assumptions defined, the firm value of Efacec is 401.666.793 euros and the equity value is 12.457.793 euros (0,30 euros per share). Since Efacec is not a quoted company the Price Earnings Ratio multiple was used to decide whether or not if investors should buy the shares. Taking this into account, the indicator for Efacec of 1,51 is extremely low when compared with its peer group (14,60). Consequently, Efacec's share price is undervalued, despite being considered one of the largest Portuguese multinationals. Thus the recommendation is not to buy Efacec shares.
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Carneiro, Ana Beatriz Jorge. "Equity Research - Meliá Hotels International". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12645.

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Mestrado em Finanças
O objetivo deste projeto é estimar o valor intriseco das ações do Grupo Meliá, utilizando para o isso o método de avaliação mais adequado às características da firma estudada, através de uma análise detalhada da empresa, do Grupo e do seu ambiente externo. Esta avaliação foi baseada com no método Free Cash Flow to the Firm que, de acordo com a revisão de literatura, é a melhor metodologia para a avaliar a empresa. Nesta pesquisa, o Grupo Meliá Hotels International, é avaliado em €2 878M, o que conduz a um price tarfe de €12,53 por ação. Como tal, o preço teórico está acima do preço de mercado, então, é dada uma recomendação de compra para estas ações.
The purporse of this project is to estimate the intrinsic value of the Meliá's shares using the most adequated valuation approaches to the features of the studied firm and trough a detailed analysis of the firm, the Group and its external environment. This valuation was based on the Free Cash Flow to the Firm method, which according to the Literature Review is the best methodology to evaluate the company. In this research, Melia Hotels International is valued at €2 878M, which leads to a target share price of €12,53. Therefore, the theoretical price is above the quoted share price. Thus, a buy recommendation is given for this company shares.
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Julficarali, Sara. "Equity research - Sumol+Compal". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10681.

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Mestrado em Finanças
A Sumol+Compal é a líder do setor das bebidas não-alcoólicas, e a única empresa portuguesa de bebidas cotada no índice NYSE Euronext Lisboa. Detendo uma quota de mercado superior a 25%, a empresa foca a inovação e a diversificação como parte da sua estratégia. Desta forma, conseguiu aumentar as suas vendas e expandir o seu negócio, fortalecendo o seu posicionamento internacionalmente. Através de uma análise detalhada à empresa e aos seus resultados, aos objetivos e estratégias da empresa, e à indústria envolvente, este trabalho pretende avaliar a Sumol+Compal e determinar um preço às suas ações. O método utilizado para a avaliação foi o Free Cash Flow to the Firm (FCFF), uma vez que de acordo com a revisão de literatura, era o método mais adequado à empresa. Através dos resultados da avaliação, foi possível concluir que as ações da Sumol+Compal estão subavaliadas. O preço a 31 de Agosto de 2015 foi de 1,90€, sendo menor que o preço da avaliação (2,06€). De 31 de Dezembro de 2014 a 31 de Agosto 2015, o preço subiu quase 70%, de 1,13€ para 1,90€. Desta forma, a recomendação de compra seria dada aos investidores, na medida em que poderiam ter maiores retornos no futuro.
Sumol+Compal is the leader of non-alcoholic beverages in Portugal and the single Portuguese beverages firm present on the NYSE Euronext Lisbon. Having a market share superior to 25%, the firm focuses on strategies based on innovation and diversification. As a result, the company managed to increase its sales and expand its business, strengthening their footprint internationally. Through a detailed analysis of the firm and its results, its future goals and strategies, and its industry, this project aims to evaluate Sumol+Compal and determine a fair value of its shares. The valuation used was Free Cash Flow to the Firm (FCFF) method, once according to the literature review, fitted best the company. From the results obtained in the valuation, it was possible to conclude that Sumol+Compal's shares are undervaluated. The price quoted at 31 of August 2015 was 1,90€, which is lower than the target price reached of 2,06€. From 31 of December 2014 to 31 of August 2015, the price rose almost 70%, from 1,13€ to 1,90€. Hence, the recommendation to future investors would be to buy the shares, once they may provide larger returns in the future.
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Joynson, Robert John. "The identification, expenditures and performance of free cash flow firms in the UK". Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614160.

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Baião, Marcos Miguel Lourenço dos Santos. "Equity Research - Pfizer Inc". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10705.

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Mestrado em Finanças
A Pfizer Inc é uma empresa líder no desenvolvimento e comercialização de produtos biofarmacêuticos com um portfólio global que inclui medicamentos e vacinas, bem como diversos produtos de cuidados de saúde mundialmente conhecidos. Nos últimos anos, a empresa tem crescido essencialmente através de fusões e aquisições. Em fevereiro de 2015, a Pfizer adquiriu a Hospira, Inc., líder mundial na comercialização de medicamentos injetáveis e tecnologias de infusão, bem como no desenvolvimento de biosimilares. O objetivo deste projeto é determinar o valor intrínseco das ações da Pfizer através de uma análise detalhada do desempenho operacional e financeiro da empresa, assim como da indústria e ambiente macroeconómico em que se insere. O método de avaliação usado para determinar o valor intrínseco da Pfizer foi o método do Free Cash Flow to the Firm, o qual, de acordo com a literatura, se apresenta como o modelo mais adequado dadas as características da empresa. De acordo com os pressupostos assumidos, a Pfizer tem um valor final de $249.380,2 milhões que, atualizado ao custo médio ponderado do capital de 8,89%, corresponde a um valor atual de $223.412,6 milhões. Atualmente a empresa tem $6.167,4 milhões de ações disponíveis à negociação, o que leva à obtenção de um preço da ação de $36,23. Tendo em conta que o preço atual da ação da Pfizer é de $33,18, pode-se concluir que o preço da ação se encontra subvalorizado.
Pfizer Inc is a leading company in manufacture and sale of biopharmaceutical products with a global portfolio that includes medicines and vaccines as well as many of the world's best known consumer health care products. In recent years, the company has grown by mergers and acquisitions. In February 2015, Pfizer acquired Hospira, Inc., the world's leading provider of injectable drugs and infusion technologies and a global leader in biosimilars. The goal of this project is to determine the intrinsic value of Pfizer´s shares through a detailed analysis of the company's operational and financial performance as well as the industry sector and macroeconomic environment. The valuation method used to determine Pfizer´s intrinsic value was the Free Cash Flow to the Firm method which, according to the literature review, is the most appropriate method given the company´s characteristics. According to the assumptions defined, Pfizer has a terminal value of $249.380,2 million, with a present value of $223.412,6 million using, as discount rate, the weighted average cost of capital of 8,89%. Currently the company has $6.167,4 million outstanding shares which leads to a share price of $36,23. Given Pfizer's current share price of $33,18 the share price is undervalued.
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Otterberg, Simon y August Zetterberg. "Relative and Discounted Cash Flow Valuation on Swedish Listed Companies : How applicable are the methods to companies in different industries?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-85602.

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The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.
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Laia, Manuel José Centeno Castanho Naves. "Equity research - Marriott Hotels". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8749.

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Mestrado em Finanças
O presente trabalho teve como objectivo determinar o valor intrínseco da Marriot International, através de uma análise específica do desempenho operacional da empresa e do seu ambiente externo. A presente avaliação foi baseada no método de fluxo de caixa livre para a firma e WACC, que, de acordo com uma revisão da literatura relevante, constitui o modelo mais adequado para a avaliação da Marriot International.
This study aimed to determine the intrinsic value of Marriot International, through a specific analysis of the company's operating performance and its external environment. This assessment was based on the free cash flow to the firm method and WACC, which, according to a review of the relevant literature, was the most appropriate model for the assessment of Marriot International.
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Claesson, Gustav. "Firm Valuation : Which model gives me the most accurate share price, the Dividend Discount Model or the Free Cash Flow to Equity model?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15647.

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Purpose: The purpose of this thesis is to investigate the applicability of the Free Cash Flow to Equity Model and the Dividend Discount Model on ten large cap firms on the Stockholm Stock Exchange. Moreover the author intends to examine whether these valuation methods differs in regards of the companies’ operational segment, business cycle and turnover. The target prices will hereafter be benchmarked with actual closing prices and professional analysts to observe similarities and deviations. Method: The focus lies on Swedish companies listed on Nasdaq OMX Stockholm’s Large Cap list. The companies are valued by collecting financial information from 2006- 2010 in order to find out what the share price in the beginning of 2011 should be. The models that are used to value the share are the Dividend Discount Model, which basically discounts actual dividends in order to find the present value of the share, and the Free Cash Flow to Equity model, which is discounting the firms’ cash flow available to its stockholders, i.e. the potential dividends. Since both of the valuation models require assumptions on future growth to be made, a combination of calculations and goals presented by the companies has been made in order to assume growth rates. Findings: The findings reveal that out of the twenty valuations that were made half of the most accurate ones came from the Dividend Discount Model, and half came from the Free Cash Flow to Equity model. It was however the Dividend Discount Model that provided the most accurate share prices, in comparison to the actual share prices from January 2011. It is also concluded that the turnover of the firm being evaluated does not have an impact on the valuation process, whilst the industry in which the firm operates as well as its payout ratio are factors that need to be taken into consideration when choosing between the Dividend Discount Model and the Free Cash Flow to Equity model.
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Libros sobre el tema "Free Cash Flow To The Firm"

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Christy, George C. Free Cash Flow. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2009. http://dx.doi.org/10.1002/9781118266847.

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Christy, George C. Free Cash Flow. New York: John Wiley & Sons, Ltd., 2009.

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Priest, William W. y Lindsay H. McClelland, eds. Free Cash Flow and Shareholder Yield. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781119197065.

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Gentry, James A. An integrated cash flow model of the firm. [Urbana, Ill.]: College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, 1986.

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Blair, Margaret M. Industry-level indicators of free cash flow. Boston, MA: Boston University, School of Management, 1992.

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Douglas, Alan V. Free cash flow, signalling and the dividend puzzle. Kingston, Ont., Canada: Institute for Economic Research, Queenʼs University, 1990.

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CFROI valuation: A total system approach to valuing the firm. Oxford: Butterworth-Heinemann, 1999.

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Urga, Giovanni. Unions, cash flow and investment decisions: Evidence from Italian firm data. London: LondonUniversity, Queen Mary and Westfield College, Department of Economics, 1993.

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Don, Anderson. Free cash flow theory and voluntary disclosures of funds statements. Glasgow: University of Glasgow, School of Financial Studies, 1988.

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Kiyotaki, Nobuhiro. Learning and the value of the firm. Cambridge, MA: National Bureau of Economic Research, 1990.

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Capítulos de libros sobre el tema "Free Cash Flow To The Firm"

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Chang, Chun-Ping, Yung-Shun Tsai, Sheena Kaur y Shyh-Weir Tzang. "Free Cash Flow and Firm Value". En Innovative Mobile and Internet Services in Ubiquitous Computing, 708–16. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-22263-5_67.

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Viebig, Jan y Thorsten Poddig. "Monte Carlo Free Cash Flow to the Firm (MC-FCFF) Models (Deutsche Bank/DWS)". En Equity Valuation, 53. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119208754.part2.

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Geroski, Paul, John Van Reenen y Chris Walters. "Innovations, Patents and Cash Flow". En Innovation and Firm Performance, 31–55. London: Palgrave Macmillan UK, 2002. http://dx.doi.org/10.1057/9780230595880_2.

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Mondello, Enzo. "Free-Cash-Flow-Modelle". En Finance: Angewandte Grundlagen, 233–70. Wiesbaden: Springer Fachmedien Wiesbaden, 2018. http://dx.doi.org/10.1007/978-3-658-21579-8_8.

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Dhumale, Rahul. "Cash Retention Strategies: Test of Free Cash Flow Theory". En Excess Cash Flow, 23–81. London: Palgrave Macmillan UK, 2003. http://dx.doi.org/10.1057/9780230509511_3.

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Corelli, Angelo. "Free-Cash-Flow-Based Methods". En Inside Company Valuation, 29–39. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-53783-2_3.

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Szpulak, Aleksandra. "On the Importance of Free Cash Flow Metrics Bias Resulting from Static Approach to Free Cash Flow Analysis". En The Essence and Measurement of Organizational Efficiency, 281–98. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-21139-8_17.

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Mukherjee, Tarun. "Agency Costs and the Free Cash Flow Hypothesis". En Dividends and Dividend Policy, 145–61. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118258408.ch9.

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Lai, Elaine Kok Suit, Ahmed Razman Abdul Latiff, Ooi Chee Keong y Tong Chue Qun. "The Impact of Free Cash Flow on Firm’s Performance: Evidence from Malaysia". En Eurasian Studies in Business and Economics, 3–16. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-53536-0_1.

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Vishwanath, S. R. "DCF Valuation Models: Free Cash flow, APV, ECF and CCF valuation models". En Investment Management, 241–60. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-88802-4_10.

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Actas de conferencias sobre el tema "Free Cash Flow To The Firm"

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Bukit, Rina Br, Sri Mulyani, Fahmi N. Nasution y Richard Chinomona. "Free Cash Flow, Investment, Capital Structure and Firm Value". En Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009200001220126.

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Susanto, Yulius Kurnia y Elizabeth Bosta. "Free Cash Flow, Firm Characteristic, Corporate Governance on Earnings Management". En International Conference on Entrepreneurship and Business Management (ICEBM) Untar. SCITEPRESS - Science and Technology Publications, 2018. http://dx.doi.org/10.5220/0008487300050010.

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Kunaifi, Aang y Muhammad Saiful Hakim. "The Moderating Role of Shariah-Compliant in the Relationship Between Free Cash Flow and Profitability in Family Firm". En 3rd Asia Pacific International Conference of Management and Business Science (AICMBS 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200410.002.

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Bukit, Rina Br, Sri Mulyani, Fahmi N. Nasution y Phou Sambath. "Firm Value in a Situation of Free Cash Flow and Investment Sensitivity, External Finance Constraint and Information Asymmetry". En Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009328306250631.

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Hendrawan, Riko y Ernis Himawan. "Assessing Free Cash Flow to Firm and Relative Valuation Method in Agriculture Plantation Companies Listed in Indonesia Stock Exchange in 2018". En The 2nd International Conference on Inclusive Business in the Changing World. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0008427800850093.

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Hendrawan, Riko y Florent Ardhi Permadi. "Do Free Cash Flow to Firm and Relative Valuation Method Work in Valuing Building and Construction Companies? : A Test in IDX in 2018". En The 2nd International Conference on Inclusive Business in the Changing World. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0008427700740084.

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"Study on Free cash flow, over-investment and cash dividend". En 2019 Asia-Pacific Forum on Economic and Social Development. The Academy of Engineering and Education (AEE), 2019. http://dx.doi.org/10.35532/jsss.v2.025.

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Oktaviani, Marista y Mochamad Mochklas. "Free Cash Flow, Size, and Earning Management". En 1st Borobudur International Symposium on Humanities, Economics and Social Sciences (BIS-HESS 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/assehr.k.200529.013.

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Yi-han, Zhang y Wang Hong-xin. "Simulation study of cash flow for the firm based on system dynamics". En 2010 International Conference on Education and Management Technology (ICEMT). IEEE, 2010. http://dx.doi.org/10.1109/icemt.2010.5657653.

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Shi, Jia y Ying Gao. "Ownership Concentration, Free Cash Flow and Over-investment". En 2018 5th International Conference on Industrial Economics System and Industrial Security Engineering (IEIS). IEEE, 2018. http://dx.doi.org/10.1109/ieis.2018.8597860.

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Informes sobre el tema "Free Cash Flow To The Firm"

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Hall, Brian. Regulatory Free Cash Flow and the High Cost of Insurance Company Failures. Cambridge, MA: National Bureau of Economic Research, diciembre de 1998. http://dx.doi.org/10.3386/w6837.

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Larrain, Borja y Motohiro Yogo. Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow? Cambridge, MA: National Bureau of Economic Research, enero de 2007. http://dx.doi.org/10.3386/w12847.

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Rusk, Todd, Ryan Siegel, Linda Larsen, Tim Lindsey y Brian Deal. Technical and Financial Feasibility Study for Installation of Solar Panels at IDOT-owned Facilities. Illinois Center for Transportation, agosto de 2021. http://dx.doi.org/10.36501/0197-9191/21-024.

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The Smart Energy Design Assistance Center assessed the administrative, technical, and economic aspects of feasibility related to the procurement and installation of photovoltaic solar systems on IDOT-owned buildings and lands. To address administrative feasibility, we explored three main ways in which IDOT could procure solar projects: power purchase agreement (PPA), direct purchase, and land lease development. Of the three methods, PPA and direct purchase are most applicable for IDOT. While solar development is not free of obstacles for IDOT, it is administratively feasible, and regulatory hurdles can be adequately met given suitable planning and implementation. To evaluate IDOT assets for solar feasibility, more than 1,000 IDOT sites were screened and narrowed using spatial analytic tools. A stakeholder feedback process was used to select five case study sites that allowed for a range of solar development types, from large utility-scale projects to small rooftop systems. To evaluate financial feasibility, discussions with developers and datapoints from the literature were used to create financial models. A large solar project request by IDOT can be expected to generate considerable attention from developers and potentially attractive PPA pricing that would generate immediate cash flow savings for IDOT. Procurement partnerships with other state agencies will create opportunities for even larger projects with better pricing. However, in the near term, it may be difficult for IDOT to identify small rooftop or other small on-site solar projects that are financially feasible. This project identified two especially promising solar sites so that IDOT can evaluate other solar site development opportunities in the future. This project also developed a web-based decision-support tool so IDOT can identify potential sites and develop preliminary indications of feasibility. We recommend that IDOT begin the process of developing at least one of their large sites to support solar electric power generation.
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