Calculation of Free Cash flow of Firm on Excel, follow the steps.

1.Select any company which is listed on Pakistan Stock Exchange

2.Download the 5-years financial reports.

3.Extract the key numbers for calculation purpose i.e. Sales, Net Profit, PP&E, Depreciation & Amortization, Current Assets and Current Liabilities (exclusively "Trade and other payables")

4.Populate and apply the formula to find out the historical FCFF

Next Steps for Forecasting and Estimating the Intrinsic Value of the Company

5.Project the growth rate of sales and Operating margins

6.Project the growth of CAPEX and Working Capital investment in line with incremental sales

7.Project next 5 year forecasted cash flows.

8.Project the terminal value/horizon value for the company.

9.Calculate the intrinsic value based on projected fundamental numbers as per company's shares.

I have selected the Company Shell Pakistan.