Note thatthesearesubjectivejudgments, anditis entirely
possiblethatanotheranalystlookingatthesecompaniescould
haveverydifferent conclusionsaboutthesefirms,with the
same information.
DETAILED CASH FLOW FORECASTS
Oncethelengthoftheextraordinarygrowthperiodhasbeen
established,wehavetoforecastcashflowsoverthatperiod.It
isinthisstageoftheprocessthatwewillbecalleduponto
makeourbestjudgmentsonhowthecompanybeingvalued
willevolveoverthecomingyears.Webeginthissectionby