Ivanovska, Nadica; Ivanovski, Zoran; Narasanov, Zoran - In: UTMS journal of economics / University of Tourism and … 5 (2014) 1, pp. 11-24
find that stock values calculated with DCF model are very close to average market prices which suggests that market prices … average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used …