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Growth doesn't always create value.....only if ROIC > WACC. I suggest you read Valuation by McKinsey if you want to understand more
This.
If you've ever seen a value matrix with the inputs ROIC and growth it will be abundantly clear. The situation you are describing doesn't sound like "all else equal," and my guess is the 15 year projection has a lower ROIC in the later years and especially the terminal value.
15+ year projections, sounds pretty reliable
Because the DCF is majorly driven by the terminal enterprise value. If the perpetuity growth rate of the 15+ yr model is smaller than the perpetuity growth rate of the shorter model, then you'll likely have a lower value w/ the 15+ yr DCF.
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