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 … calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with … average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used …