Abstract
This essay analyses the relations between prominent valuation concepts and models for company valuation in the traditional constant discount rate setting as well as in settings where the cost of capital is adjusted according to anticipated changes in the capital structure. The essay provides a company valuation framework with corporate taxes where the valuation result is independent of the choice of valuation model, and discusses the usefulness of the different concepts and models. The implementation of the valuation framework is described in the Eldon AB case study.