Step-by-Step Process: Using Apple as an example, learn how to: Find cash flow using GuruFocus. Calculate growth rates based on historical data. Determine the terminal value and apply a discount rate.

Believe it or not, it's not too difficult to follow, as you'll see from our example! We would caution that there are ... a ...

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Present Value of 10-year Cash Flow (PVCF) = US$380m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period.