[holtjv]

"the" pretty much nailed it.

You look for comps in your industry and use whatever multipliers they used--revenue, operating profit, and so forth.

A discounted cash flow model works best on established, very large enterprises who can forecast a 5-10 year model and use some different terminal value methodologies (perpetuity, multipliers) then bring it back to a present value with a discount (risk) rate appropriate for the industry, cost of capital, and age of the business.

Milu's realizable value is probably the most...realistic one, imo.

And yes, I was in M&A for many years.

JH