RE: DCF - FCFF time horizon and excluding Terminal Value
Thank you for your inquiry. If you don't include a TV, you are assuming the business dissipates after the end of your projection period. To answer your specific question, it depends on your growth rate, TV multiple and discount rate assumptions and how many years you decide to go out. See o... Thank you for your inquiry.
If you don't include a TV, you are assuming the business dissipates after the end of your projection period.

To answer your specific question, it depends on your growth rate, TV multiple and discount rate assumptions and how many years you decide to go out.

See our attached analysis for more information. The analysis can be downloaded at www.wallst-training.com and clicking on FREE RESOURCES Read More

RE: Deferred Maintenance Revenue treatment for TEV
Thank you for your inquiry. Normally speaking, TEV focuses only on capital structure and "sources of funds". In other words, it focuses on valuation of entities.   However, your question focuses on a "working capital", "day-to-day operations" of the company as opposed to capital structure. Th... Thank you for your inquiry.
Normally speaking, TEV focuses only on capital structure and "sources of funds". In other words, it focuses on valuation of entities.
 
However, your question focuses on a "working capital", "day-to-day operations" of the company as opposed to capital structure. Thus, without knowing more about the specific industry or company in question, our initial gut feeling is to do nothing to your equation for TEV and Equity value, in other woreds, don't adjust either for the Deferred Maintenance Revenues. Read More

Re: Urgent : Historical Betas Database
Please see response posted to your other topic

Re: Negative Goodwill
We apologize for the delay in response. It seems as if your post didn't come through to our control panel until now. We are looking into this to see if this is a technical issue on our end.

To respond to your question, what is the book value of the company?

Re: Using References with Inequalities
countif and countifs don't act "normal" when working with dates and as you noted, requires " " side, making a direct cell reference ineffective. You have to add an extra set of parenthesis to make it work: =COUNTIFS($A:$A,">"&B3&"",$A:$A,"<... countif and countifs don't act "normal" when working with dates and as you noted, requires " " side, making a direct cell reference ineffective.

You have to add an extra set of parenthesis to make it work:
=COUNTIFS($A:$A,">"&B3&"",$A:$A,"<"&B4&"")
replace B3 and B4 for the start/end dates of your range and it should work just fine.

In terms of most efficient method, assuming that with your data, the number of cells in between the two dates are not the same each quarter (ie, stock trading days vary due to holidays, etc), then countifs is already pretty efficient. Before countifs function came out in 2007/2010, we used arrays to indicate if each value was within the range and then summed it:
[=SUM((A:A>B3)*(A:A<B4))] and this mitigated the need for the " "

Generally speaking, arrays are harder for people to understand, so you can stick with countifs.
for more on arrays:
http://www.wstselfstudy.com/packagetech.html Read More