Company valuation is needed in several contexts, e.g. Mergers & Acquisitions, Value Based Management, Initial Public Offerings, purchase price allocation or impairment test. It is a topic in all branches.Since companies often tried to grow by the acquisition of other companies in developed countries in the past, investments in Emerging Markets nowadays have become more common and important. ... [Show full abstract] Therefore there is a need to valuate companies in Emerging Markets.The paper elaborates the main factors to valuate a company in an Emerging Market. The key characteristics of Emerging Markets are being described. A brief comparison between the different methods of company valuation is made leading to a focus on discounted cash flows DCF. The risks of investments in Emerging Markets are classified in country risks political and economic ones, currency exchange risks translation exposure, transaction exposure, economic exposure and inflation risks. The relevance of taxation issues, financial reporting standards and transfer prices is discussed. A comparison of models to deal with interest rates is given paying particular attention to fit to Emerging Markets.Conclusions lead to proposals how to calculate cash flows and capital cost in a DCF model to valuate companies in Emerging Markets.