div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page1jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails1jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page2jpg target=_blank img 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· Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails3jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page4jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails4jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page5jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails5jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page6jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails6jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page7jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails7jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page8jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails8jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page9jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails9jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page10jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails10jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page11jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails11jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page12jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails12jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page13jpg target=_blank img 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economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5thumbnails14jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imagea href=https:reader042vdocumentsnetreader042viewer20220225235b3a6ee97f8b9a4a728f4647html5page15jpg target=_blank img data-url=-relative-valuation-first-principles-n-discounted-cash-flow-valuation-the-objectivehtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: economiaunipviteconomiaunipvitsitonuovouserfilespierofileA_Damodaran · Relative Valuation: First Principles n discounted cash flow valuation the objective is to find loading=lazy 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