When you do a DCF for a potential merger, do you value just the target or for the merged entity?

Lmfao this has mind fucked me, I need a little help.

I understand that when we try to appraise a target, we can do a DCF in addition to other analysis. When we are on the buy side say, do we do the DCF JUST for the value of the target and try to find a purchase prices? Or do we value the post merger entity?

If its the former, do we just use the merger analysis to evaluate the effects of a merger? Do DCF, Comps and LBOs not consider that?

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