What should be done with the projected FCF between April 30 and December 31 in the analysis?

When conducting a discounted cash flow (DCF) analysis, it is essential to include all projected free cash flows (FCF) that fall within the period being analyzed, which in this case spans from April 30 to December 31. Including these projected cash flows is critical because they represent the future economic benefits expected from the company's operations.

Incorporating this FCF ensures that the valuation reflects the complete picture of the company's potential cash generation. Moreover, it allows for a more accurate estimation of the company's value by aggregating all cash flows anticipated within the relevant timeframe before applying the discount rate.

Excluding these projected cash flows would lead to an undervaluation of the company, as it would ignore potential income that will contribute to the business's overall performance. By including them for valuation purposes, analysts can ensure they fully capture the expected financial results in their assessments.