The discounted value of the cash that can be taken out of a business during its remaining life. It is an estimate rather than a precise figure, and is necessarily subjective. The two key variables are future cash flows and the appropriate discount rate.
| Year | Relevance |
|---|---|
| 1957 | first |
| 1959 | mention |
| 1960 | mention |
| 1961 | mention |
| 1962 | key |
| 1963 | mention |
| 1964 | mention |
| 1965 | mention |
| 1965 | mention |
| 1966 | mention |
| 1987 | mention |
| 1988 | key |
| 2008 | key |
| 2016 | mention |
| 2020 | mention |
| 2025 | key |