statement 3是对的。
highlight这里说ri model在earning负数时也可以用。fcf在earning负数时是不是也可以用？
王园圆_品职助教 · 2022年01月07日
嗨，爱思考的PZer你好：
同学你好，是的哦~~只要自由现金流是正数就可以使用，不一定NI是正数哦~~
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Bonnie Lin · 2022年01月09日
再请教一下，fcf负数时能不能用fcf折现model？我感觉也可以用，只是折现出来现值是负数
Bonnie Lin · 2022年01月09日
老师，这里可能需要再点拨一下我，比如一个项目fcf是负数，我可以用fcf model来评估这个项目吗？ 如果这项目ri是负数，但用ri model折出来的价值是正数，那我可以用ri model，那么我这不是投机取巧，啥model折出来价值是正数我就用哪个model？
王园圆_品职助教 · 2022年01月10日
嗨，努力学习的PZer你好：
Rank: Orangutan |
302
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 reports I read on the firm). My question is that when calculating EV, do I have to sum all the discounted FCFs( as in the negative ones too?) or just consider the positive cash flow? I would appreciate if someone could explain the logic.
I am assuming we do not have to take the negative FCFs into account bcoz all we are saying is that the firms value is the sum of positive cash flows it generates. Please correct me if I am wrong.
Thanks!
If your valuation model has negative cash flow at any point during the projection window, it does need to be included in the sum of the discounted cash flows. Having a few years of negative cash flow will not necessarily result in a negative enterprise value as seen in the image below; if so there is no issue using a DCF to value the business. However, if you are getting a negative share price or enterprise value you should consider using a different valuation method or altering your assumptions if you think that your capex assumptions are too aggressive.
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Bonnie Lin · 2022年01月16日
哦，这段话意思是不是如果你估值这公司value是负数 你用fcf折现也是负数就没有问题。 是如果你估值这公司value是正数 你用fcf折现是负数就不对了，你得换一种估值方法？