IESE Business School-University of Navarra - 1 VALUING COMPANIES BY CASH FLOW DISCOUNTING: FUNDAMENTAL RELATIONSHIPS AND UNNECESSARY COMPLICATIONS Pablo Fernández IESE Business School – University of Navarra Av. Pearson, 21 – 08034 Barcelona, Spain. Phone: (+34) 93 253 42 00 Fax: (+34) 93 253 43 43 Camino del Cerro del Águila, 3 (Ctra. de Castilla, km 5,180) – 28023 Madrid, Spain. Phone: (+34) 91 357 08 09 Fax: (+34) 91 357 29 13 Copyright © 2013 IESE Business School. Working Paper WP-1062-E February 2013