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Which of the following is not one of the steps of a DCF ? Group of answer choices Define where we are in the business

Which of the following is not one of the steps of a DCF?
Group of answer choices
Define where we are in the business cycle
Compute the NPV of the tax shield
Analyze past growth and ROIC (or operating margins)
Identify economic drivers
Measure the company asset beta
Forecast the economic drivers and multiply them by the forecast ratios

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