Ann: FY14 Results Investor Presentation, page-36

The DCF valuation for VOC would not be nil or negative unless the investments made in the early growth period did not generate a (satisfactory) return at some point in the future. Growth companies have a valuation because investors forecast that further down the track the growth period will end and a much higher amount of cash flow will be distributed to them (ie. dividends, share buy backs, capital return). It may take a long time for this to happen, and you definitely need to account for this in your valuation if this is the case.

An alternative to DCF may be found in a book called Franchise Value by Leibowitz.

http://www.amazon.com/Franchise-Value-Approach-Security-Analysis/dp/0471647888