Valuation specialists use their judgment to pick a valuation model, with the discounted cash flow model being their top choice. They mostly look at a company's past performance to predict future financials, but talking to management is key for future earnings. When figuring out the cost of capital, they often start with the risk-free rate and make adjustments based on risk. These findings shed light on how valuation specialists work and can help others in the field, like managers and regulators.