1. Introduction to Free Cash Flow (FCF) Valuation

• Definition and importance of Free Cash Flow in valuation.
• Overview of FCFF (Free Cash Flow to the Firm) vs. FCFE (Free Cash Flow to Equity) in equity valuation.

2. FCFF vs. FCFE Approaches

• Key differences between FCFF and FCFE.
• When to use each approach in valuation.

3. Single-Stage Free Cash Flow Models

• Structure and assumptions of single-stage models.
• Example calculation for Single-Stage FCFF Model:
  • Calculating equity value and equity value per share.

4. Using Financial Metrics to Determine FCFF

• Net Income:
  • Adjustments to Net Income to derive FCFF.
• EBIT and EBITDA:
  • Calculating FCFF using EBIT and EBITDA.
• Cash Flow from Operations (CFO):
  • Using CFO to determine FCFF.

5. Calculating FCFE from Various Financial Inputs

• Deriving FCFE from:
  • Net Income and FCFF.
  • Cash Flow from Operations (CFO) and FCFF.
  • Formula-based calculations with example scenarios.

6. Two-Stage Free Cash Flow Models

• Overview of Simple Two-Stage Models.
• Example calculation for a Simple Two-Stage FCFE Model.

7. Declining Growth Two-Stage Models

• Structure of Declining Growth Models for FCFE.
• Example scenario for Declining Growth Two-Stage FCFE Model.

8. Three-Stage Free Cash Flow Models

• Explanation of the Three-Stage Model structure.
• Example calculation for Three-Stage FCF Models.
• Present value of perpetual streams as a final stage calculation.