The article discusses how the discounted cash flow model values firms by forecasting cash flow over time. It focuses on the continuing value part of the model, which estimates a firm's worth beyond the forecast period. The researchers explore factors like capital expenditures and tax savings from depreciation. They find that a significant portion of a firm's value comes from cash flow related to existing equipment. They also highlight the impact of assuming steady-state capital expenditures. Overall, the study sheds light on how to better estimate a firm's value using the discounted cash flow model.