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When I worked in investment banking the generally received way to DCF an early-stage pharma business was to evaluate the full drug portfolio and DCF each individual drug/research project before aggregating for total value. You would estimate the cash flows for each drug (once launched) and then assign a discount value to each based on the likelihood of their actual release to market. For example, drugs in pre-clinical stage were usually assigned a value of zero. Drugs in stage 3, much closer to par discount (with par being what a publically launched drug would receive). You would forecast the cash flow for each drug by estimating its target market, sale price and penetration over 10 years etc. You typically use precedent market penetration figures to help underpin the assumptions. Once you’ve DCF’d the full portfolio, add cash reserves and that’s your total value. 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But I don’t have a website/traffic.” Working with fellow students and lecturers of different ages, experiences and nationalities has been highly enriching, and good preparation for being part of new organisations, tackling the speed of change required by the new environment and not being afraid to face new challenges. There’s just too much risk when it comes currency trading. You’re also essentially gambling on the power of a country’s currency. Troy @ Market History says Customer Service - Japanese or Korean Speaking - Work From Home NEW! Victory Productions Photographers InVision I could be a technical writer and help companies demystify their technical-support documents. I could even rewrite the technical portions of their websites to make them more comprehensible to normal people, especially companies in the consumer energy field. Very promising, especially since I follow a few of these companies online. 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