to DCF. We document that RI valuations are rare — just 1/16th as common as DCF — and that different RI and DCF valuations … their RI models around both net operating income (RNOA-RI) and net income (ROE-RI), analysts' RNOA-RI valuations are as … optimistic as their DCF valuations and contain RNOAs that increase to an economically implausible terminal year median of 27%. In …