在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数进行折现后的现值称为营业价值。

The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.

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为了计算内在价值，你需要把预期产生的现金流折现为现值——我们用的是长期国债收益率。

In order to calculate intrinsic value, you take those cash flows that you expect to be generated and you discount them back to their present value - in our case, at the long-term Treasury rate.

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