回复：老周, 可以抽空讲讲DCF modeling吗？或者推荐一个网址或书也行.

BandC,

Thanks. I had posted something about DCF before, so I cut and paste it here again:

DCF theory is not new, any financial text book has examples. The basic idea is to calculate/estimate the future earnings power, and then discount them to the current dollars. The company value is equal to the sum of discounted cash flows. Normally, it is a two-stage model, explicit cash flows from near terms (often 5 years) plus the terminal value. I use a slightly more complicated three stage model. But no big difference, the key is to be consistent across all stocks.

Hope this helps.