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Discounted Cash Flow (DCF) Analysis in Investment Banking

During an investment banking interview, you may be asked to walk through a discounted cash flow (DCF) analysis. This valuation methodology is commonly used in financial modeling to determine the intrinsic value of a company. Here are the key components of a DCF analysis:

• Free Cash Flows (FCF): FCF represents the cash generated by a business after accounting for capital expenditures. It is a crucial input in a DCF analysis as it reflects the company's ability to generate cash for its stakeholders.
• Discount Rate: The discount rate, also known as the cost of capital, is used to discount future cash flows back to their present value. It accounts for the time value of money and the risk associated with the investment.
• Terminal Value: The terminal value represents the value of a company beyond the explicit forecast period. It is often determined using the perpetuity growth method or an exit multiple approach.
• Discounted Cash Flow Calculation: The DCF analysis involves projecting future cash flows, discounting them back to their present value using the discount rate, and then calculating the terminal value. The sum of the discounted cash flows and terminal value gives the intrinsic value of the company.

Understanding DCF analysis and its key components is essential for investment bankers to assess the valuation of companies and make informed investment decisions.

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