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Thanks Hewitt.
I do subscribe to morningstar (just started) and do get to see their analysts report online which I find refreshing as they do seem to take the long term approach unlike most analysts. This subscription did not come with StockInvestor that a seperate subscription and is it worthwhile?
Of course I have not seen the spreadsheet as it is not offered as part of the subscription although I'm sure it is not much better that the one I have put together (specially since incorporating some of your ideas into it).
But the thing that always gets me when doing DCF valuations is that I cannot be sure that I may be dealing with peak earnings/revenue. And even when I take a 3 year average I worry that the last three years are a peak and I should take a bigger average. Of course if you go too far back you will never buy anything as all companies will look to expensive. How do some of you deal with this problem of not paying for earnings at the peak of a cycle?

By the way, how do they deal with stock-based compensation , do they just assume an ever growing number of shares as the years go on...

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