Abstract
Cash flow analysis is not the right approach to all valuation exercises, but a focus on cash flow does sharpen many aspects of equity valuation. Using cash flow avoids measurement problems encountered in using an earnings-based valuation approach, and the process of valuing a stock can readily be structured around the concept of free cash flow.This presentation comes from the Equity Research and Valuation Techniques conference held in Philadelphia, Pennsylvania, on December 9, 1997.
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