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It is still the net present value of all future free cash flows.
This is absolutely the most incorrect statement for equity investments. You can calculate future cash flow for something like a US Treasuries, assuming no default risk, you can calculate the future free cash flow and terminal payment and come up with a value.

For equity investment, there are lots of outcome, even coming up with reasonable outcome is beyond one's ability to calculate, yet folks make this statement as if they have absolutely clear idea about what those future cash flows are going to be.

Just imagine, tomorrow, EU and China bans Apple. How exactly your calculation of future cash flow handles that???
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