That is why there are other ways to get our hands around this extremely important aspect. Valuation is NOT a Science, it is an ART form (as we tried to bring out quite well in our ART of Valuation thread) - part of Hall of Fame threads at VP
I am sure, Vinay Parikh used “Terminal Value” as a conjunct to make us THINK !! (Not to try and dismiss the utility of what is an excellent Valuation conjunct;)
Not to get stuck in the Semantics but to never UNDERESTIMATE the fact that Higher the Sustainable Valuations I assign a Business, the longer I am assuming this business will last!! That is the central moot point, I thought he was making.