DCF Valuation
Value a business using discounted cash flow: project free cash flows, discount them at your required rate, add a terminal value, and derive enterprise and equity value.
Daten geprüft · Juli 2026
What happens if the terminal growth rate exceeds the discount rate?
The Gordon growth model breaks down mathematically (the denominator turns zero or negative), so no terminal value can be calculated — only the discounted explicit cash flows are used.
Quelle: Damodaran, A. — Investment Valuation (DCF method, terminal value); Brealey, Myers, Allen — Principles of Corporate Finance, 2025/26. · aktualisiert 2026
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Alles über DCF Valuation
📋Überblick+
The DCF method projects free cash flows over an explicit forecast horizon, discounts each one back to today at your chosen discount rate, and adds a terminal value (Gordon growth model) capturing everything beyond the forecast period. Subtracting net debt from the resulting enterprise value gives the equity value attributable to shareholders.
💡 Bewährte Vorgehensweisen
- Keep the terminal growth rate well below the discount rate — a narrow gap between the two makes the terminal value swing wildly.
- The DCF result is highly sensitive to the discount rate — a 1 percentage point change can move the valuation by 10-20%.
- Cross-check any DCF valuation against a comparable-companies multiples approach to catch assumptions that look out of line.
🔢 Konkretes Beispiel
Projected cash flows of £100k, £110k, £120k, £130k and £140k over 5 years, discounted at 10% with 2% terminal growth and zero net debt, give an enterprise value of roughly £1.66m.
📖Anleitung+
So verwenden Sie diesen Rechner
- 1
Enter your projected free cash flows, one per year, separated by commas.
- 2
Set the discount rate (your required rate of return or cost of capital) and the long-run terminal growth rate.
- 3
Add net debt to convert from enterprise value to equity value.
- 4
Read the discounted value of the explicit cash flows, the terminal value, and the resulting enterprise and equity value.
📚Glossar+
- Terminal value
- The value of all cash flows beyond the explicit forecast horizon, estimated with the Gordon growth model: final year cash flow × (1 + g) / (discount rate − g). It is undefined if g exceeds the discount rate.
- Enterprise value vs equity value
- Enterprise value represents the business as a whole, funding both shareholders and lenders. Subtracting net debt gives equity value — the value attributable to shareholders alone.
ℹ️Quellen & Aktualisierung+
Letzte Datenaktualisierung
7. Juli 2026
Quellen und Referenzen
Damodaran, A. — Investment Valuation (DCF method, terminal value); Brealey, Myers, Allen — Principles of Corporate Finance, 2025/26.
Die Daten dieses Rechners werden regelmäßig aktualisiert, um die neuesten offiziellen Sätze abzubilden. Im Zweifel konsultieren Sie die oben genannten offiziellen Quellen.
FAQ — DCF Valuation
What happens if the terminal growth rate exceeds the discount rate?+
The Gordon growth model breaks down mathematically (the denominator turns zero or negative), so no terminal value can be calculated — only the discounted explicit cash flows are used.
Is DCF reliable for an early-stage business?+
It's less reliable — future cash flows are uncertain and the terminal value often makes up more than 70% of the total valuation. Always cross-check with other methods such as comparable multiples.