Hello: We are a team of asset appraisers, real estate appraisers and land appraisers. Generally speaking, the income method is more convincing by using net cash flow. In those cases where net profit is used for discount, the premise is that depreciation is equal to capital expenditure, which is essentially net cash flow. Never seen a discount with pre-tax interest rate. It is useful to divide the pre-tax profit by the discount when evaluating intangible assets. Not evaluated by the whole enterprise.