In an article “Analytical Insights From DCF Value Analysis,” the authors include a free model business valuers can use to take their “DCF calculation a step further and analyze the resulting value into four components.” Their four components of value each represent the value contribution from different periods, and they are: (1) current operating value; (2) short-term growth value; (3) medium-term investment value; and (4) long-term franchise value. The objective of the authors (from The Footnotes Analyst) is to show that “there is more to DCF than simply an explicit forecast and a terminal value and that, by analyzing value in this alternative way, additional insights can be obtained.” The authors include an explanation of the model and the underlying math in “Interactive Model: Target Enterprise Value Multiples.”