Ivanovska, Nadica; Ivanovski, Zoran; Narasanov, Zoran - In: UTMS journal of economics / University of Tourism and … 5 (2014) 1, pp. 11-24
We examine the valuation performance of Discounted Free Cash Flow Model (DFCF) at the Macedonian Stock Exchange (MSE) in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very...