We introduce a new discounted cash flow model which adopts the diversification effectof multi-business firms. We face two challenges: One is examining how different diversificationextents can affect the firm value due to risk reduction, and the other is modelingsegment-specific cash flows and...

Standard equity valuation approaches (i.e., DDM, RIM, and DCF) are derivedunder the assumption of ideal conditions, such as infinite payoffs and cleansurplus accounting. Since these conditions are hardly ever met, we provideextensions of the standard approaches based on the fundamental principle...

This master thesis has been developed as an independent study of the author to complete the Master of Science course at CUREM (Center for Urban and Real Estate Management), Zürich, Switzerland. The study aims at identifying likely future changes and business opportunities in the Swiss retail-...