Attendees at a recent online workshop were urged to spend more time on the numerator (forecasts) of the valuation equation rather than the denominator (cost of capital). Management-provided projections, forecasts, and prospective financial information (PFI) deserve much more scrutiny than given in the past. You cannot simply take the projections and plug them into a DCF without questioning them, the panel stressed. You can access a recording of the four-hour workshop, Back to the Future? Exploding the Income Approach with Robert M. Dohmeyer (Dohmeyer Valuation Corp.), Bethany Hearn (CliftonLarsonAllen LLP), Brenda M. Clarke (Seigneur Gustafson LLP), and Kevin R. Yeanoplos (Brueggeman and Johnson Yeanoplos PC). The workshop was divided in two parts: a discussion of current hot issues in the numerator (forecasting, free cash flow, and adjustments) and then an examination of the denominator (beta, equity risk premium, and company-specific risk).