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  "documentTitle": "Bear Stearns | Investment Banking Pitch Book | 36 slides",
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  "authorName": "Bear Stearns",
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  "presentationDate": "2005-01-01 00:00:00",
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  "notes": "The slide provides a balanced view of DCF, highlighting its flexibility versus its sensitivity to input assumptions.",
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      "text": "Extremely sensitive to cash flow projections which may be inherently difficult to predict, particularly as the projection horizon lengthens. Terminal value may be distorted by incorrect estimations of either cash flow or terminal multiples. Validity of the discount rate depends on assumptions for beta and the market risk premium.",
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      "text": "Provides an objective framework for assessing a company's risk and cash flows to estimate value. Requires users to think about key drivers of value. May be used when no “pure play” comparable companies are available.",
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      "text": "Advantages vs Disadvantages comparison table",
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      "text": "Advantages and Disadvantages of DCF",
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