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Trends emerging in recent years, such as divestitures, spin-offs and class action suits, make an understanding of valuation of companies with ongoing operations imperative, not only for investors, but also for managers and for a company''s directors. The discounted cash flow method to valuation that is discussed in this note will be a guide: (1) to business managers in their attempt to follow value maximizing strategies; (2) to portfolio managers and security analysts in their effort to discover the true economic value of a company and its equity; and (3) to investment bankers in their advisory role of companies involved in merger transactions and restructuring. This note will not demonstrate how to value companies in financial distress; in such cases, a contingent claims valuation will be more appropriate. The discounted cash flow valuation method is demonstrated through the valuation of a Canadian company using actual financial data.