We all have used the Discounted Cash Flow (DCF) method. Many of us would agree that it is generally the best, most comprehensive, theoretically correct valuation model. It also has an empirical reason to be the best, which is that many of us calculate our discount rates using the Ibbotson data in the SBBI annual yearbooks, which are based on publicly traded stock data.
The Vermont Supreme Court’s decision in Agency of Natural Resources v. Deso11 does not, so to speak, throw the baby out with the bathwater, but rather sets forward what can be seen as constituting part of a helpful framework for distinguishing between the two. Nor does the decision contain any self-contradictory implications