How long is the tail?
—
Years after 2036 needed to retain at least 90% of the modeled terminal present value.
F / 04 The time behind the thesis
How much future
is in the value?
A ten-year forecast can depend on decades more.
Choose how many later cash-flow years to retain
and see what they contribute today.
Model & company research · 18 Oct 2026
See the method01 / Set the cash-flow horizon
A finite view of value.
Retain 10 years after 2036
—Cash flows through 2046
Perpetual reference
—All modeled continuation
Later value excluded
—Cash flows after 2046
Loading the valuation horizon…
Selected case at each horizonPerpetual referenceTarget EV
The x-axis counts whole years after 2036. The perpetual reference is not a finite endpoint.
Forecast through 2036—
Present value, including the remaining-2026 cash flow.
Continuation retained—
Present value from 2037 through the selected cutoff.
Selected operating EV—
Recalculated from the complete operating case.
03 / Put the result in context
What must keep working?
The contribution of distant cash flows depends on the selected operating economics, growth and discount rate.
Inspect all 13 assumptionsWhat supports the economics?
Terminal growth, operating margin and returns on capital are explicit assumptions.
These sources provide context. They do not verify the selected forecast.
04 / Make the analysis inspectable
Take the argument with you.
The complete case, selected horizon and target travel together. Nothing is saved automatically.
The carried hypothetical equity bridge is preserved in links and exports. This horizon calculation reports operating EV before that bridge.
Check the complete calculation
Calculated in this browser. Server verification is available.
The financial method
An explicit boundary
on continuation.
All amounts are present values at 18 October 2026. The original operating forecast and its remaining-2026 cash flow are unchanged.
After 2036, the model’s terminal cash flow grows at the selected perpetual growth rate and is discounted at WACC. This lens retains only the first N annual cash flows. It assigns zero cash flow and zero residual value after the cutoff.
EVN = PVforecast + PVterminal × [1 − ((1 + g) / (1 + WACC))N]
This is a conditional stress lens. A selected horizon is not a lifespan forecast, failure probability, security price or investment recommendation. The model uses its existing annual terminal convention; the perpetual reference remains separately visible.
Method: Damodaran, Valuing Young, Start-up and Growth Companies, pp. 40–41; CFA Institute, FCFF valuation. Implementation, bounds and verification .
Complete operating assumptions and current horizon
| Input | Current value | Context |
|---|
Horizon values as a table
| Years | Through | Operating EV | Continuation PV retained | Later PV excluded |
|---|