With these points in mind, a DCF analysis can be used in threeways: (1) As a measure of absolute value. A DCF analysis will provide an absolutevalue and it is always useful to 'sense check' this against an implied traditionalmultiple (eg EV/EBITDA, PE, P/BV, etc). (2) As a tool in scenario analysis. Thesescenarios should reflect company specific factors rather than macro factors, whichaffect the value of all other companies in the market as well as the company beingvalued. Each scenario should use the same discount rate. (3) In a calculation of animplied discount rate based on current price and forecast free cash flows. Thisdiscount rate can be compared with those of other companies and/or a theoreticaldiscount rate. This approach has the advantage that it permits relative valuations.
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