86 Which of the following are signs that your assumptions might be incorrect or unrealistic in a DCF analysis? The Present Value of the Terminal Value comprises 75% or more of the company's implied Enterprise Value. The Present Value of the Terminal Value comprises only 30% of the company's implied Enterprise Value. The projection period is 10-15 years rather than 5 years. The projection period is 3-4 years rather than 5-10 years. In the Terminal Period, you assume that CapEx = D&A because in the long-term the company's Net PP&E balance should not be changing. In the Terminal Period, CapEx exceeds D&A because of inflation as well as the company's need for continual re- investment to maintain its final year FCF. You have included the expense associated with unfunded pensions in your FCF projections, so you have also subtracted the Unfunded Pension Liability when backing into Implied Equity Value from Implied Enterprise Value. You have built a sensitivity table that shows the company's implied Enterprise Value relative to its average revenue growth and average EBITDA margins. You have built a sensitivity table that shows the company's implied Enterprise Value relative to overall GDP growth and the interest rates set by the central bank. You have picked a Terminal EBITDA multiple such that the implied long-term FCF growth rate is 2%, compared to the expected GDP growth rate of 3%