QUESTION I wanted to assess the worth of a high-tech start-up for which I have cash flows for the next six years. Because I am not a venture capitalist but rather a post-graduate student, I used the discounted cash flow method. I did this by calculating the discount rate. For a high-tech startup, the discount rate equals the rate of equity (which can be determined by the capital asset pricing model). So I calculated my discount rate, applied it to the DCF model, and arrived at an approximation of the high-tech firm's valuation. But I didn't consider that the corporation sells its items all over the world. This fact has an effect on its beta component, and hence on the discount rate, and lastly on the firm's worth! One possibility is to adopt the International CAPM model, but because my company will be selling globally, how do I know how that would affect the discount rate? Any assistance would be greatly appreciated. Thanks