When you are valuing a company, the usual methodology is to forecast near-term cashflows based on available information and use the formula beyond that to estimate the terminal value. For example, if you forecast that a company would earn $1.0 million, $1.1 million, $1.2 million, $1.3 million and $1.4 million for five years in that order, expect 10% growth thereafter and use a discount rate of 18%, the present value of the company as it currently operates would be S million (one decimal place)