The main objective of this paper is to comparing efficiency Kapeland, Lehn and Poulsen, and Verdi free cash flow models in company valuation. To valuation of company we use three models, that are discounted free cash flows, Ohlson’s residual income and Ohlson’s adjusted Model. To test hypothesis of the study we use a sample of 85 listed companies on Tehran Stock Exchange over a seven- year period (2004-2010). The results show that Ohlson’s adjusted model have more explanation power than other Models, and Free Cash Flow from Lehn and Poulsen, Verdi and Kapeland models respectively have more efficiency at Ohlson’s adjusted model to determining stock market value.
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