just an additional comment
discounted cash flow is based on forecast earnings
the forecasts are grounded in substantial stuff like the actual business eg quality of management, competitive position etc and the financial history eg ROE, earning growth etc
once you abandon that method you are saying more or less that knowing the business will not help you to work out what a company is worth
the only other alternative is to use charts or market forces to work out value
the finance industry is in complete disarray now
value investing is dead
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