2010•RePEc: Research Papers in EconomicsRequires access

Estimating Cash Flows for Project Appraisal and Firm Valuation

Ignacio Vélez–Pareja, Joseph Tham

Abstract

This teaching note is devoted to the definition and calculation of cash flows, namely, cash flow to debt, (CFD), cash flow to equity, (CFE), capital cash flow, (CCF), tax savings, (TS) and free cash flow, (FCF). We use the direct and the indirect methods to derive the relevant cash flow profiles for the different stakeholders. These cash flows are the basis for the valuation of a firm or project.

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Key concepts: Cash flow, Operating cash flow, Cash flow forecasting, Cash flow statement, Free cash flow, Cash management, Valuation (finance), Cash and cash equivalents