This chapter sets out a practical framework for valuing firms across borders by combining core financial modeling with the macroeconomic, legal, and political conditions that ultimately determine what investors can earn. In international settings, the pathway from operating performance in a host country to returns for a global shareholder is rarely direct: exchange-rate dynamics, country and sovereign risk, taxation, and constraints on moving cash upstream can materially change both expected cash flows and the discount rates used to value them. The chapter compares valuation in local currency versus the investor’s home currency, explains how to measure and incorporate country risk in a disciplined manner, and shows how to construct the weighted average cost of capital (WACC) when capital markets are segmented rather than fully integrated.