Peter

Thanks for your comments. I actually agree with you assessment that combining the old with the new is the best way to triangulate. However, there is one aspect of the "implementation of the old" that I think should be questioned more that it has been. Investors keep using risk metrics like beta to estimate discount rate for DCF valuations when empirical work has shown that high beta companies have not produced the higher returns that was expected from them. To that extent investors keep implementing the "old" incorrectly, the "new" method outlined here can help overcome that empirical inconsistency.