When a Dollar May Not be a Dollar: The Value of Surplus Cash

Many students of security analysis believe that valuing "surplus cash" on a company's balance sheet is an easy task. Just add the nominal value of the surplus cash to the value of the operating business derived from some other method like DCF. Alternatively, take the market value of the firm and deduct the nominal value… Continue reading When a Dollar May Not be a Dollar: The Value of Surplus Cash