Test students' ability to build and interpret a discounted cash flow valuation for a mid‑sized acquisition target: forecast unlevered free cash flows (5–10 years), estimate WACC, compute terminal value (perpetuity and exit-multiple methods), calculate NPV and IRR, and run one‑ and two‑way sensitivity analyses on key assumptions (growth, margins, capex, discount rate, terminal multiple). Expect discussion of data limitations for private targets, synergies, deal pricing ranges, and negotiation implications.