I've always estimated the discount rate based on the expectations for growth from the buyer. At the end of the day, the valuation on a site or business is simp

I've always estimated the discount rate based on the expectations for growth from the buyer. At the end of the day, the valuation on a site or business is simply whatever you can get for it. A site might be worth more to a buyer who sells a similar product whereas it might have less value to someone in another industry.