1) Identify the target company and predict cash flows 5-10 years into the future. If you're looking at a cyclical company you should predict a full cycle. 2) Find the discount rate. First, un-lever and re-lever beta to account for the distinct capital structure of the target company. Next, find Cost of Equity by plugging beta into CAPM. Then, use CoE from CAPM and the cost of debt (usually easily identifiable) to find WACC. 3) Find terminal value by using Gordon Growth Model or Multiples Method. Gordon Growth Model is when you assume a constant perpetual growth rate and discount that growth rate back, using WACC to find TV. Multiples Method is when you apply similar industry multiples to chosen multiples for transaction to find TV. 4) Add NPV of cash flows with TV and that gives you enterprise value.