The DCF valuation model considers the present value of future cash flows of the business to be the driver of value. Could there be more that adds value to the business or company?
All assets that the firm owns but not used in generating the cash flows used to arrive at the DCF value must be considered separately and added to the DCF valuation. For example, excess cash and marketable securities, investments in other companies, minority interest, must be valued separately and added to the DCF value to arrive at the total value of the company. These assets are not included in a DCF valuation because the DCF valuation is based on the cash flows and these assets were not used in generating cash flows.