Özet:

Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC

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