Which one of the following methods might NOT provide a reasonable startup valuation (choose one)?

a. Estimate of the startups exit value and timing, discounted to present

b. Exit values of similar companies, standardized to multiples such as earnings, size, or enterprise value, and applied to the startups multiples

c. Projected future company profits, discounted to present

d. Projected future cash flows, discounted to present

e. Negotiations with many VCs leading to a term sheet a lot of these VCs consider fair