When valuing a private company using the Discounted Cash Flow $($DCF$)$ method, which of the following modifications is most likely to be necessary compared to valuing a public company? Using a higher discount rate $($WACC$)$ to reflect the reduced liquidity and higher risk associated with private company investments. Applying a control premium to the company's cash flows to account for the lack of marketability of its shares. Adjusting the company's financial statements to remove any non$-$recurring or extraordinary items that may distort its true operating performance. Modifying the terminal value calculation to reflect the higher growth potential and longer investment horizon of private companies.