The Valuation Project
The Valuation Project includes a models based examination of the firms in the DOW Industrials and S&P 100 in an effort to identify those valuation models most commonly and accurately used by investors, market analysts and theoreticians. It chronicles the efforts of researchers at Westminster College and gives access to their methodology, data and findings.
The Research Team
Led by Dr. Richard Haskell, the research team includes undergraduate students enrolled in Westminster College's Bill & Vieve Gore School of Business during 2016.
The subject valuation models are each variations on discounted cash flow models based on firms' NOPLAT, Free Cash Flow, Tax Shield, and Economic Profit cash flow forms. The value of each firm in the sample is estimated as of the end of 2015 using the discounted cash flows based on explicit forecast and continuation periods. Key Value Driver, Free Cash Flow, Economic Profit, and Adjusted Present Value model metrics form the basis of the valuation comparisons.