под денежными потоками могут значиться дивиденды, варранты и денежные потоки, возникающие в результате ликвидации предприятия

Cash Flow Claims

In conventional valuation, we assume that all equity claimholders have identical claims on the cash flows that are paid out to equity. In the most common scenario, these cash flows are dividends and all equity shares receive the same dividends per share. There are scenarios where different equity claims may be entitled not only to different amounts of dividends but one set of equity investors has priority in receiving dividends. There is also the possibility that one class of equity investors gets first claim on the cash flows, if the firm is liquidated. In this section, we will examine the prevalence of differences in cash flow claims and how best to value these claims
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In this
section, we look at how best to value cash flow claims, by first looking at claims on ongoing cash flows (dividends or variants) and then considering claims on liquidation cash flows.

http://people.stern.nyu.edu/adamodar/pdfiles/papers/equitycl...