Present value of future FCFFs equals to Enterprise Value?

CFA Level II
#1

Just quick question here,

I have seen an expression “the present value of future FCFFs equals to EV”

I am just wondering logic behind this.

#2

So see it this way. EV is the value that belongs to all the providers of capital to a firm. FCFF is the cash available for all providers of capital.

EV is the present value of future cashflows available to all the providers of a firms capital. Hence, a discounted FCFF = EV.

#3

EV formula does NOT include cash though