Question 23: Building a successful DCF requires an analyst to develop both the numbers and the story for a company.

• What is meant by developing the numbers and how can an analyst properly gather these numbers (2pts)?
• What is meant by developing the story and how can an analyst justify their assumptions (2pts)?

Finally, what are thethree key leversto consider when valuing a company and which of these three do you believe is the hardest to assess (provide rationale for your choice) (6 pts)?