What Is Free Cash Flow to the Firm?

By Andrew Stotz

Free cash flow to the firm (FCFF) is the cash flow that a company is ‘free’ to distribute to all providers of money (both, debt and equity) without damaging its growth opportunities. Below I explain the process an analyst would go through to estimate free cash flow. Like all forecasts, your FCFF starts with your…

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What to Expect on the CFA Level 1 Exam

By Andrew Stotz

Becoming a Chartered Financial Analyst (CFA) is now one of the most popular career choices in the investment world. The…

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Featured image - A Warm Welcome To The Valuation Master Class

Introducing the Valuation Master Class

By Andrew Stotz

The Right Tools When it comes to making crucial business and financial decisions, the savvy financial analyst wants the right…

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How to Value Cyclical Companies

By Valuation Master Class Student

Cyclical companies have different characteristics compared to non-cyclical companies. One of the main differences is that these companies have volatile earnings due to economic conditions.

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