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The viability of converting wood chips and plastic to power via compact integrated catalytic fast/slow pyrolysis, combustor, and Stirling engine technologies was determined using modeling analysis. Aspen simulations followed by sizing analysis were performed to determine the size, weight, and net energy efficiency of upgrading wood chips and plastic to power using a compact energy system with a feedstock processing capacity of 1 kg h−1. The equipment and tooling to fabricate individual components of a compact energy system were identified. The total costs of fabricating all the individual components of compact energy systems were assessed. A discounted cash flow analysis with an internal rate of return of 20% was used to assess the minimum selling price of compact energy systems. The specific energy (Wh kg−1) of the compact catalytic fast pyrolysis system, compact slow pyrolysis system, and compact plastic conversion system were assessed at 20, 29, and 63, respectively. The assessed capital and annual costs of manufacturing 10 000 compact energy systems per year were $51 million and about $11 to $13 million, respectively. The calculated minimum selling price of a catalytic fast pyrolysis system, a compact slow pyrolysis system, and a compact plastic conversion system were $3055, $3021, and $2980, respectively. The sensitivity analysis results showed that the internal rate of return, capital investment, materials cost, annual operating costs, and capital cost have significant impacts on the minimum selling price of compact energy systems. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

The informational content of prices hypothesis in Modigliani and Miller (and Fisher before them) advocates that organizations' market prices could somehow estimate their growth prospects and intangible assets. For this estimation, discounted cash flow models are frequently employed. However, these models require information about monetary flows and discount rates in the long future, which are most difficult to confirm in the moment of the analysis. Thus, Tobin's q or similar procedures as the market-to-book value of the firm have been claimed (and presupposed) as evidence that markets could identify growth prospects and intangible assets. Indeed, Tobin's q tends to be higher for new and/or intangible intensive firms. Nevertheless, we know that for q > 1, less debt tends to imply a higher q, whereas the inverse holds for the less frequent q < 1. To explain this phenomenon, we propose a "mechanical effect hypothesis" describing an automatic relationship between q and capital structures at the variable computation. Accordingly, as intangible-intensive and/or new firms are likely to have q > 1 and less debt, a mechanical effect increases their q-values without requiring growth perspectives, or intangibles. Hence, this new hypothesis disputes Fisher-Modigliani-Miller's utilization of discounted cash flow models to explain markets and prices. [ABSTRACT FROM AUTHOR]

Retailers' of fering trade credit terms to customer can be regarded as a type of price reduction. In today's ever competitive marketplace, offering delay in payments or trade credits has become a commonly adopted method to retailers. Most of the inventory models with trade credit period assumed that the nature of customers is same. In this paper we considered as retailer classifies his/her customers into two categories: reliable customers and general customers. Reliable customers are given trade credits and general customers will pay at the time of purchase and no trade credit is given. Though trade credit is given to the reliable customers they may not make their payment so promptly. As far as possible they will pay within the trade credit period. However, every time they may not pay within trade credit and in such cases they pay interest or penalty for the late payments. A probability distribution is considered for the pattern of payments of the customers. Retailer's problem is to find an optimal policy that maximizes his/her profit. Illustration is given through numerical example. [ABSTRACT FROM AUTHOR]

The objective of this research is to analyse and describe the valuation of start-up company using the Discounted Cash Flow Analysis. There are several combination of discount rates, including combination of beta, risk free rate and market return. There are several market returns applied in the calculation of the discount rate, such as gold price, crude oil, property price index and IDX composite. The object of research is PT. XYZ, which is a start-up company engaged in the field of software (System & Mobile Application). The results showed that PT. XYZ is a start-up that has a systematic risk (Beta) of 5.1 point, which is lower than the average beta of hi-tech start-up companies. The fair value of PT. XYZ is Rp 3,729,416,128,911. Using a confidence level of 95%, the deviation of company’s value is between Rp102,726,286,407 and Rp7,356,105,971,415. It is concluded that valuing the start-up using real and financial asset return as a benchmark will provide high fair value. The reason is the return in those assets are lower because of lower risk. The lower rate of return will make the value of the start-up company higher. Therefore, investors will request the start-up company to provide higher value.

Therefore, the cost of capital for current R&D projects may not reflect the cost of capital for a new high risk-profile research area, like gene therapy and, therefore, the investor may add a premium to the cost of capital based on his judgment. The price of Zolgensma is about ten times higher than that of Spinraza, and this big difference can be explained by the fact that it is administered only once, whereas Spinraza is an annual treatment with continuous revenues for the remainder of each patient's life. This consistency between prices of Zolgensma and Spinraza validates the concept of the described Pricing Model, but it should also be noted that it is based on long-term maintained treatment effect of Zolgensma following a single administration. Keywords: Price valuation reimbursement; orphan disease EN Price valuation reimbursement orphan disease 1 3 3 11/07/22 20221201 NES 221201 A heated discussion has recently broken out in Europe about the price of Zolgensma, "the most expensive drug ever". [Extracted from the article]

Valuation is at the core of every investor decision, especially in times of uncertainty. In this paper the author moves from the outset of the COVID-19 pandemic when global markets were in turmoil, through the period when sentiment became clearer in the market and the role that this should play, how valuation methodology evolved as we entered into a period where investor activity returned with the wider economy going through periods of lockdown and restriction easing and then further periods of restrictions. We appear to be in an increasingly polarised marketplace and valuation methodology is increasingly important to ensure a consistent approach is taken. The pandemic has given valuers new tools and refocused the valuation community on how best to value in times of uncertainty — lessons learned that will remain relevant in the future. [ABSTRACT FROM AUTHOR]

We propose a novel measure of investment plans, namely expected investment growth (EIG), and find stocks with high EIG outperform stocks with low EIG by 17% per annum. This premium can be generated in a neoclassical model with the investment plan friction, in which a firm's expected returns increases with its planned investment due to an embedded leverage effect. We provide empirical evidence on the interaction of the cash flow effect and discount rate effect in driving this EIG premium. Our findings highlight the investment plan friction as an important economic channel to understand the cross‐sectional risk premium. [ABSTRACT FROM AUTHOR]

We investigated the techno-economic analysis of two integrated torrefaction and pelletization systems: (1) Torrefaction befOre Pelletization and (2) Torrefaction After Pelletization configurations to produce torrefied wood pellets. The detailed mass and energy balances and operating parameters were obtained from the process simulation model developed with the base case plant capacity of 100,000 Mg yr−1 using natural gas as an auxiliary fuel source. A discounted cash flow analysis was conducted for both configurations to estimate the capital expenditure, operating expenses, production cost, and the minimum selling price of torrefied pellets. The minimum selling price of torrefied pellets at the plant gate was $207 Mg−1 ($8.5 GJ−1) for the Torrefaction before Pelletization and $197 Mg−1 ($8.1 GJ−1) for the Torrefaction After Pelletization configurations. An increase in the plant capacity of up to 200,000 Mg yr−1 for both configurations decreased the minimum selling price by 10%. The sensitivity analysis of various operational and financial parameters demonstrated that the feedstock cost and torrefaction product yield were the most sensitive parameters influencing the minimum selling price of torrefied pellets. Future opportunities exist to reduce the minimum selling price of torrefied pellets to become competitive to conventional wood pellets and coal. [Display omitted] [ABSTRACT FROM AUTHOR]

• Subjective real option valuation uses same data inputs as traditional DCF analysis. • The value of delay stems from the investor's subjective views about risk premia. • Cost and revenue uncertainties have complex effects on the option value. • Hedging systematic risk can reduce the value of delaying investment. • The option value may increase or decrease with idiosyncratic, un-hedgeable risk. [Display omitted] We model investor heterogeneity using different required returns on an investment and evaluate the impact on the valuation of an investment. By assuming no disagreement on the cash flows, we emphasize how risk preferences in particular, but also the costs of capital, influence a subjective evaluation of the decision to invest now or retain the option to invest in future. We propose a risk-adjusted valuation model to facilitate investors' subjective decision making, in response to the market valuation of an investment opportunity. The investor's subjective assessment arises from their perceived misvaluation of the investment by the market, so projected cash flows are discounted using two different rates representing the investor's and the market's view. This liberates our model from perfect or imperfect hedging assumptions and instead, we are able to illustrate the hedging effect on the real option value when perceptions of risk premia diverge. During crises periods, delaying an investment becomes more valuable as the idiosyncratic risk of future cash flows increases, but the decision-maker may rush to invest too quickly when the risk level is exceptionally high. Our model verifies features established by classical real-option valuation models and provides many new insights about the importance of modelling divergences in decision-makers risk premia, especially during crisis periods. It also has many practical advantages because it requires no more parameter inputs than basic discounted cash flow approaches, such as the marketed asset disclaimer method, but the outputs are much richer. They allow for complex interactions between cost and revenue uncertainties as well as an easy exploration of the effects of hedgeable and un-hedgeable risks on the real option value. Furthermore, we provide fully-adjustable Python code in which all parameter values can be chosen by the user. [ABSTRACT FROM AUTHOR]

Risk is a significant phenomenon in mineral industries due to several associated social, environmental, technical, and financial uncertainties. Risk assessment is a standard procedure that evaluates the effects of uncertainties on a mining project. To deal with technical and financial uncertainties, the most well-known risk assessment technique is the Monte Carlo simulation (MCS), which requires reproducing correlations between uncertain variables. Correlation does not imply causation, but it does provide information regarding how uncertain variables interact. Given that samples generated in MCS are used in a transfer function (e.g., to produce net present value), transfer function values may mislead risk assessors if the interactions are not reproduced. This study uses historical reference data to compare MCS outcomes based on Pearson and copula correlations with regard to their ability to reproduce interactions. Furthermore, results from a case study on a gold mining project—including gold price, production cost, grade, and recovery as well as interest rate as uncertain parameters—show that if the associations between the variables are non-linear, copulas capture interactions and correlations more accurately than Pearson. [ABSTRACT FROM AUTHOR]

The investment projects evaluation in real assets is essential for decision making; however, undoubtedly, it is a process whose components have interdependent relationships, which generate uncertainties that can lead to the wrong acceptance or rejection of the investment. This study aimed to apply the Monte Carlo simulation to the risk incorporation into the economic and financial evaluation of an investment project in mineral assets under conditions of uncertainties, with a view to the obtained returns measurement. Thus, the evaluation was based on the projection of discounted cash flow, which allowed the adoption of methods commonly used to evaluate real assets that consider the time value of the money. The economicfinancial risk incorporation was performed using a stochastic and dynamic mathematical model, and the Monte Carlo method was used to generate values from probability distributions. The results showed that the investment project in mineral assets is economically feasible by adding value to investors. [ABSTRACT FROM AUTHOR]

Copyright of Gazi Journal of Economics & Business is the property of Gazi Journal of Economics & Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The results of the optimization experiments also indicate that the evaluation via applying multi-criteria optimization is relevant for identifying effective solutions in the design space when a specific priority rule is applied in the scheduling operations. A mathematical model and two metaheuristics for the production scheduling of multi-product and multi-stage food processes are developed to minimize the total flow time. Optimizing the performance of services and industrial systems is a real lever for creating value for companies and society. [Extracted from the article]

The Campbell and Vuolteenaho (Am Econ Rev 94(5):1249–1275, 2004) two–beta model decomposes the systematic risk in the sensitivity of cash flow and discount rate change. We employed this model, which we call the Two Beta Decomposition Model (TBDM) and found that this model is useful to compute the cost of capital for unlisted companies (UCs) via a proxy from listed companies. This model includes not only the accounting return reaction to long-term changes in consumption, but also links fundamental reactions to temporal changes in risk aversion. We test this model along with three traditional alternatives that are potentially useful in computing the cost of equity for UCs: accounting betas (AB), unlevered betas (UB), and operational betas (OB). Our results show that AB, UB and TBDM can partially explain the cross-sectional variations of stock returns. Additionally, using a series of non-parametric ranking test along with several statistics of goodness of fit, we found that the TBDM is the model that produces the best fit among competing models followed by the UB which is currently the most used among proxy methods. [ABSTRACT FROM AUTHOR]

We review the developments and practice of the discounted cash‐flow method in finance with an intermediate goal of presenting parsimonious methods of generating density valuation rather than point forecasts. Our ultimate aim is to select, propose and discuss some density‐based risk measures that may be used by appraisers and investment analysts when conducting discounted cash‐flow valuation for broad group of heterogeneous (by risk appetite) final users or investors. Such a toolbox may be applied directly by the latter group without necessity to rely on aggregated point valuations and recommendations. [ABSTRACT FROM AUTHOR]

In recent years, energy debates are increasingly focused on the energy transition, the Kingdom of Morocco has shown a growing preference for Liquid Natural Gaz (LNG) to ensure energy efficiency. Therefore, Morocco is projecting to invest in its first natural gas for importing and storage capacity by 2030. In tune with developing a terminal site location and an optimum routing alternative for pipeline [1], this article comes as a follow up to establish a profitability study for the same importation terminal. It aims to investigate the financial viability of such a project.The profitability of an investment is generally the most important criterion for the decision-making. Even if the combined ecological and industrial benefits of natural Gaz can sometimes provide enough motivation to invest in importation terminal, a long-term profitability study is a compulsory in such expensive projects, it is systematically pursued to evaluate the economic impact of such an investment decision.After highlighting the multiple benefits of Natural Gaz, the first step is setting up the financial model to be adopted, which is in this case the net present value (NPV) and payback profitability criteria. Therefore, operating and financial assumptions are made based on the benchmark with other similar projects, and finally, the profitability study will allow us to measure the LNG terminal capacity to generate revenue.

The market for space solar power (SSP) is developing. This analysis utilizes a case study of SSP for remote mine operations to determine its economic feasibility. We employ a discounted cash flow (DCF) evaluation and then assess the sensitivity of the DCF model to changes in its underlying assumptions. The results indicate that there are scenarios for SSP where it is considered a viable power alternative. Further, a discussion of the assumed manufacturing and transportation costs decreases to expand the market is given. • A business model of a space solar power system is analyzed for a remote mining operation. • Remote mining operations are ideal niche markets for space solar power given the alternative price of electricity they face. • Results show some scenarios where space solar power is cost competitive for remote mining operations. • Niche markets, like remote mining operations, can help space solar power gain a larger footing in the electricity market. [ABSTRACT FROM AUTHOR]

Copyright of Revista da Micro e Pequena Empresa is the property of Faculdade Campo Limpo Paulista and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This case guides students through the process of preparing a real-life business case. The business case involves capital expenditure analysis for a potential project in the Wally-Mart Supermarkets frozen supply chain. There are three parts to the business case: (1) prepare a financial model in Excel with a discounted cash flow method to analyze relevant incremental capital expenditures, revenues, costs, and profits; (2) concisely communicate the financial model and business case in a business style Word report; and (3) concisely communicate the financial model and business case in a business style PowerPoint presentation. The case materials include a practice financial modeling exercise. The case is suitable for use in undergraduate and graduate management accounting courses. [ABSTRACT FROM AUTHOR]

This article analyzes the formulation of the "weighted average cost of capital" in the manuals of two of the most influential associations of financial analysts. It focuses on the use of the formula as the discount rate to determine the "fundamental value" of listed companies using the "discounted cash flows" method, a cornerstone of the definition of "shareholder value" used in the finance industry worldwide. It shows that the choice of variables and their mathematical relations in the formula mobilize multiple, partly independent and contradictory epistemologies and ontologies. This multiplicity is assembled along political imaginaries concerning the relation between particular notions of the maximizing investor, the efficient markets and the sovereign state. The figure of the investor is considered the only legitimate agent to claim the "free" cash flows of the company, the efficient markets are considered the source of truthful representation of value, and the state is supposed to guarantee both the fair play between investors and a minimum revenue for money owners, to be extracted from the rest of society through the tax system. The formula thus legitimizes and renders self-evident power relations that sustain the global inequalities produced by the finance industry. [ABSTRACT FROM AUTHOR]

Unless otherwise stipulated or ordered by the court, this disclosure must be accompanied by a written report- prepared and signed by the witness-if the witness is one retained or specially employed to provide expert testimony in the case or one whose duties as the party's employee regularly involve giving expert testimony. Federal Judge Robert J. Hemphill defined an expert witness as "a man you pay to say your way."[1] When those words were spoken in 1978, the venerable Frye standard, enunciated in 1923,[2] governed the admissibility of expert testimony. The shorthand is (1) qualifications, (2) reliability, and (3) helpfulness.[14] While some overlap exists, courts generally analyze each concept.[15] Whether expert testimony is admissible depends on a court's analysis of these elements. In the final installment, Kumho Tire Company, Ltd. v. Carmichael, [12] the Supreme Court rejected the argument that Daubert applies only to "scientific" testimony; the Daubert test governs all expert witness testimony. [Extracted from the article]

Replicating Portfolios for Economic Capital Calculations Financial services firms, such as banks and insurance companies, are expected by customers, regulators, and capital providers to hold a sufficient amount of capital to absorb the financial losses they may incur in times of financial stress. This capital provides security and protection for customers owed money by such firms, including, for example, those who have taken out life insurance with a life insurance provider. In "A Large-Scale Optimization Model for Replicating Portfolios in the Life Insurance," Adelmann, Fernandez-Arjona, Mayer, and Schmedders describe the replicating portfolio (RP) model used to approximate life insurance liabilities in a large global insurance company active in more than 215 countries. The model uses cash flow matching to calculate a portfolio of financial derivatives that replicates the behavior of the company's life insurance liabilities with the accuracy necessary to enable the calculation of economic capital. This paper also discusses the critical role played by RPs in the risk-management process of the insurance company. A Large-Scale Optimization Model for Replicating Portfolios in the Life Insurance Industry. Replicating portfolios have emerged as an important tool in the life insurance industry, used for the valuation of companies' liabilities. This paper describes the replicating portfolio (RP) model used to approximate life insurance liabilities in a large global insurance company. We describe the challenges presented by the latest solvency regimes in Europe and how the RP model enables this company to comply with the Swiss Solvency Test. The model minimizes the L1 error between the discounted life insurance liability cash flows and the discounted RP cash flows over a multiperiod time horizon for a broad range of different future economic scenarios. A numerical application of the RP model to empirical data sets demonstrates that the model delivers RPs that match the liabilities and perform well for economic capital calculations. [ABSTRACT FROM AUTHOR]

Economic feasibility analysis is essential in the decision-making process regarding investment in photovoltaic projects. Project profitability must be measured based not only on the costs and revenues, but also on the climatic particularities of the different locations. Therefore, performing simulations of technical and economic performance of photovoltaic models is fundamental. Thus, the objective of this study was to analyze deterministic and stochastic models of investments in two types of photovoltaic systems, one incorporated into the enterprise’s architecture (a BIPV system) and the other, a conventional one, in different Brazilian locations, covering the predominant climatic factors in the country. The methodological proposal consisted of choosing a city in Brazil with each predominant climate type and compiling its data on irradiation, monthly sunshine hours, and tariffs of the electric power concessionaire, to simulate the electrical generation performance of the proposed photovoltaic systems and their profitability. For the economic analysis, the cumulative probability of positive Net Present Value (NPV) returns was obtained through deterministic simulations in all municipalities. Only the municipality of Pau dos Ferros-RN was chosen to perform 10,000 stochastic simulations, and its cumulative probabilities of positive NPV returns were obtained. In both models of photovoltaic technology analyzed and simulation logics, 100% of the NPVs were positive, indicating profitable cash flows in all scenarios. However, some municipalities obtained better results than others when the climate types favored sunny weather. Moreover, although all cases returned positive NPVs, the conventional model proved to be more economically attractive than BIPV system.

In this paper, we discuss the resource–constrained project scheduling problem with discounted cash flows. We introduce a new schedule construction technique which moves sets of activities to improve the project net present value and consists of two steps. In particular, the inclusion of individual activities into sets, which are then moved together, is crucial in both steps. The first step groups the activities based on the predecessors and successors in the project network, and adds these activities to a set based on their finish time and cash flow. The second step on the contrary does so based on the neighbouring activities in the schedule, which may but need not include precedence related activities. The proposed scheduling method is implemented in a genetic algorithm metaheuristic and we employ a penalty function to improve the algorithm’s feasibility with respect to a tight deadline. All steps of the proposed solution methodology are tested in detail and an extensive computational experiment shows that our results are competitive with existing work. [ABSTRACT FROM PUBLISHER]

Stock price determination is one of the main issues involved in the acquisition of companies. The transparency and high volume of the stock market make it possible to ascertain valuation multiples. In the case of privately-held agrifood companies, valuation multiples are scarce and barely representative. This paper focuses on answering whether listed stock valuation multiples of the agrifood industry can be useful for the purposes of valuing unlisted small and mediumsized companies. A study into Spanish unlisted agribusinesses is designed for several samples and accounting years. By means of a discounted cash flow model combined with bootstrap techniques, the empirical distribution of the unlisted multiples is obtained for three growth hypotheses. The results show that the stock market P/E should not be used in the valuation process of unlisted agrifood companies, whereas the stock market EV/EBITDA may be used in the valuation process of unlisted small and medium-sized agrifood companies that consistently obtain positive cash flows. [ABSTRACT FROM AUTHOR]

Purpose: The environmental and economic impacts of livestock production systems are typically assessed using global characterisation factors and data, even though several impact categories call for site-specific assessments. Here, we account for spatial variability by addressing potential interactions between geographic locality and the cost-effectiveness of farm investments that aim to reduce system environmental impact, using Danish pig production as a case-in-point. Methods: An LCA-based, spatially explicit environmental abatement cost framework was developed to assess the cost-effectiveness of potential environmental abatement strategies. The framework was tested for Danish pig production in a "4 manure management × 4 geographic location" scenario analysis design. In addition to the baseline, the alternative manure management strategies were on-farm anaerobic digestion, slurry acidification and screw press slurry separation, implemented in an integrated pig farming system. The geographic locations differed in their proximity to Natura 2000 areas and in pig farming density. Eight different impact categories were assessed through an LCA using spatially explicit characterisation factors whenever possible, and annualised abatement potential was estimated for each manure management scenario and in each geographic location. We also estimated the financial performance for each scenario, through a discounted cash flow analysis at a whole-farm level. Results and discussion: We observed significant interactions between geographic location and system environmental and economic performance under baseline conditions. Significant location effects were also observed for the cost-effectiveness of all manure management strategies tested. Anaerobic digestion was the only "win–win" strategy that increased farm profits while reducing system environmental impact in two of the geographic cases: when implemented in a region of high pig farming density located near Natura 2000 and when implemented in a region of high pig farming density located far from Natura 2000 areas. Slurry acidification and slurry separation achieved sizeable abatement potential for impacts on ecosystem quality but incurred large additional costs in all geographic case studies considered, particularly when arable land was limited near the pig farm. Conclusions: Accounting for basic spatial characteristics within an environmental abatement cost framework had significant impact on the cost-effectiveness of on-farm investments for mitigation of system environmental impact. To the best of our knowledge, no studies to date have utilised such spatial characteristics within environmental abatement cost modelling of livestock farming systems. The presented framework has the potential to be further expanded using more detailed spatial, economic and geophysical data, which could ultimately improve decision-making regarding cost-effective investments that aim to improve the sustainability of livestock farming operations. [ABSTRACT FROM AUTHOR]

In the literature, the integration of the cash and risk effects of executive compensation into company valuation is discussed only marginally. This paper addresses the question of how these effects can be integrated into corporate valuation. Several methods for solving the problem are discussed and a method free of circular references, similar to the adjusted present value approach to company valuation, is identified. Contrary to a common assumption in the literature, there is no uniform and constant cost of capital for a company that uses employee stock options. Cost of capital needs to be adjusted to the cash and risk impact of equity‐based executive compensation. Making recourse to the treasury stock method, which is used to calculate diluted earnings per share, is not recommended here even though a corrected version of this method is used. I discuss different forms of equity‐based executive compensation, including the resulting allocation of risk and net present value between owners and managers. [ABSTRACT FROM AUTHOR]

The accounting for goodwill impairment is generally covered in an intermediate or advanced accounting course; however, there is usually little or no attention paid to the valuation techniques and subjectivity of assumptions used in the measurement of the fair value of the reporting unit. In this paper, we attempt to explain the quantitative approach with a focus on the discounted cash flow (DCF) model used in determining the fair value of the reporting unit. We examined six most common variables used in the DCF model and how a slight change could result in a different outcome in valuing a reporting unit. [ABSTRACT FROM AUTHOR]