Question: How could the stealth tier be incorporated into a DCF valuation of Cox? In what way is the stealth tier like a call option? What

How could the "stealth tier" be incorporated into a DCF valuation of Cox?
In what way is the "stealth tier" like a call option? What is the underlying asset? What is the strike price?
Do you think taking a real options approach provides any insight beyond a DCF approach? Do you think it is worth the time and effort? Why or why not?

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