Posted by gs on March 28, 19101 at 09:17:10:

Thanks for response, but I was looking for more of an equity valuation perspective.

I think I've found the answer, so I'll post it in case anyone else was interested -

Best practice probably to use a term over which you think you have reasonable forecast estimate, e.g. 5 yrs or so, and discount that number. Then at end of that first period, e.g. end of year 5, calculate a terminal value based on the subsequent 20 yrs or so. The period beyond the initial period should have an appropriate long term growth rate for the industry.

That terminal value should be pv'd to present and added to the first figure calculated.