The decision to invest in or finance any business, whether the acquisition of an existing shareholding  (e.g. M&A, private equity), subscription for a new shareholding (e.g. Venture Capital) or financing of a new project or general capital expenditure, requires an estimate of the Intrinsic Value of the underlying business, based on its operating performance and future cash flows. An investment should only be made if the value of the business exceeds the cost of investment. This value cannot be observed but can be estimated using accepted corporate finance valuation techniques. The two-paper Business Valuation Series discusses a number of Discount Cash Flow techniques (including Economic Profits, Residual Income, Equity Cash Flows, Adjusted Present Value and Capital Cash Flows), covering the main topics: steady state cash flows, terminal value formulae, CAPM, WACC, tax shields, cross border valuation, rates of return and the Enterprise Value-Equity value 'bridge'.   Examples are given, including in DCF Methods, where the seven DCF methods are shown to give the same value under certain assumptions.