USCPA考試中也有不少計(jì)算題,今天高頓網(wǎng)校USCPA小編就來介紹一下DCF——Discounted Cash Flow。
  現(xiàn)金流貼現(xiàn)模型是通過預(yù)測(cè)未來的現(xiàn)金流量,來進(jìn)行估值。DCF估值法適用于:那些股利不穩(wěn)定,但現(xiàn)金流增長相對(duì)穩(wěn)定的公司。那些現(xiàn)金流能較好反映公司盈利能力的公司。 其中V為每股股票的內(nèi)在價(jià)值,Dt是第t年每股股票現(xiàn)金流的期望值,k是股票的期望收益率。公式表明,股票的內(nèi)在價(jià)值是其逐年期望現(xiàn)金流的現(xiàn)值之和。
  DCF屬于絕對(duì)估值法,是將一項(xiàng)資產(chǎn)在未來所能產(chǎn)生的自由現(xiàn)金流(通常要預(yù)測(cè)15-30年)根據(jù)合理的折現(xiàn)率(WACC)折現(xiàn),得到該項(xiàng)資產(chǎn)在目前的價(jià)值,如果該折現(xiàn)后的價(jià)值高于資產(chǎn)當(dāng)前價(jià)格,則有利可圖,可以買入,如果低于當(dāng)前價(jià)格,則說明當(dāng)前價(jià)格高估,需回避或賣出。
  Financial Analysis-Discounted Cash Flow(DCF)
  DCF valuation methods are techniques that use time value of money concepts to measure the present value of cash flows expected from a project.
  Rate used in DCF:
  -Management may use a Weighted Avg.Cost of Capital(WACC)method,or
  -Assign a target for new projects to meet,or
  -Recommend that the discount rate be related to the risk specific to the proposed project.If the proposed project is similar in risk to ongoing projects of the company,WACC is appropriate because it reflects the market's assessment of the average risk of the company's projects.