Do I come up with a proposed perpetuity growth rate based on e.g. long-term sector outlook? Or do I derive the growth rate by first determining the terminal value using the exit multiple method and then solving for the implied growth rate?
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Depends on your boss / seniors but most will use an exit terminal multiple and sense check it by calculating the implied growth rate.
Alternatively, you can also build it into the model such that in case 1 the model calculates TV by LT growth rate and in case 2, the model calculates TV by exit terminal multiple. Again, its always good to show the implied terminal multiple / LT growth rate.
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