The paper studies the free cash flow from the vision of a project or a company and gives some Suggestions about how to calculate the free cash flow and how to use a discount rate correctly.

本文对自由现金流的计算、计算方面的注意事项和应用检验三个方面进行了研究，同时对折现率的使用给出了一些建议。

youdao

To value something, you simply have to take its free cash flows from now until kingdom come and then discount them back to the present using an appropriate discount rate.

想要对于某高足意进行估值，你只有要主宰它从而今入手下手直到玩完的从容现金流量意向然后把它们以一个公平的扣头率折现归来。

youdao

Conversely, free cash flow declined at a rate of 15.6%.

FORBES: The 5 Top New Stock Positions of Tweedy Browne's Portfolio

As a result the most important variables to the price of an asset are the level and future shape of free cash flows, and the discount rate used, which, as you rightly point out, can be analysed in terms of risk premium.

ECONOMIST: Robert Wade replies

My assumption is enormous free cash flow accumulation is reinvested at a high rate of return plus aggressive share buybacks.

FORBES: Where To Go With Your Money