question about valuation

I was asked this recently and didn't know how to answer:

If you know what IRR PE firms are targeting in your region, when valuing the business, why not just take cashflows to equity discount by IRR and add net debt to find value? This way you can avoid calculating cost of capital and WACC which are very inaccurate/ ambiguous.

Is this really a valid/ more accurate way to value a company, instead of using typical DCF, wacc etc.?  

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