Interesting analysis, but isn't goodwill a fudge-factor in the balance sheet? ie, its not a flow but a stock. This makes its estimation implicitly data-starved, because with a DCF at leat you are getting a time series of independent measurements.
>> This makes its estimation implicitly data-starved, because with a DCF at leat you are getting a time series of independent measurements.
It isn't a data-starved number. It is often as simple as DCF calculation of value - the book value. DCF isn't used to calculate book value. Book value is simply the sum of the tangible parts.
Funny thing is that I'm actually working on a purchase price allocation right now.