自由現金流有2個種類，分別是跟權益投資者(Equity Investor)有關的FCFE及屬於所有投資者(Both equity investor and debtor)有關的FCFF。
權益自由現金流(FCFE)
- 折現利率為權益成本 (Cost of Equity): CoE = Rf + Beta x ERP
- FCFE計算由Net Income開始
- FCFE需於計算中扣除Debt Repayment
- FCFE = Net Income - Non-Cash Expense - Change in NWC - (Debt Repayment - New Debt Issuance)
企業自由現金流(FCFF)
- 折現利率為總資本成本 (Cost of Capital): CoC = We x CoE + Wd x CoD where CoD = Rd x (1 - Tax), 因為利息可以扣稅
- FCFE計算由EBIT x (1 - Tax)開始
- FCFF = EBIT x (1 - Tax) - Non-Cash Expense - Change in NWC
- 在計算公司的權益價值(Equity Value)時，需要先加上公司持有現金，再減去總債務: Equity Value = FCFF + Cash - Debt