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September 30, 2026
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Yes it is used when you do a DCF, but it generally losses all meaning when your MD tells you to change all the numbers until he gets the output he is looking for
This.
DCFs and most valuation exercises are rarely done "academically", but rather solved backwards to justify a valuation.
So true. I'm starting question the value analysts really bring to the table (which is bad for me). Real life finance starts with the MD making up a number and is followed by analysts spending hundreds of hours making a complex model that justifies the number. I guess the models are necessary so clients don't think our valuations are based on MD's making up a number... hmmm.
So true! My MD this summer would just say..."ummm ok let's not go with WACC, just use 10% for the discount rate..." or " lets just show a 'football field (multiples) valuation"
YES, it is! A simple tutorial might help you through this. Try watching the tutorials from the Bluebook Academy
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