I'm valuating a state-owned 100% debt not-for-profit airport that is set for privatization.

I must use DCF,

what discount rate to use?

NOTE: I calculated WACC (which is just the cost of debt since it's 100% debt financed) and it turned out to be only 3.9%. What do?

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The enterprise in my question is subject to privatization. It will not be 100% debt next year.

The purpose of the valuation is to set a selling price for PE


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