Good discussion. I personally prefer the methods laid out in Bruce Greenwald's "Value Investing: From Graham to Buffett and Beyond" where I do two estimates for IV (one based on assets and one based on earnings power), then also a third method only for companies that have clear competative advantages and barriers to entry (rate of return based on growth). I don't use DCF anymore due to the inherent issues of errors being compounded for many years, but I appreciate DCF is still how most people calculate IV.