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I’d probably model as the whole company and apply the ownership % on the outputs
60% is portion of the company’s equity so value the business as you normally do and 60% of that valuation is your portion.
Mentor
Kind of - I believe OP is doing a DCF analysis which one form of is the perpetuity growth method which does not include an exit so the cash would be the only driver or value (multiples are proxies for future CF anyway). Also due do discounting the year in which you earn the cash drives the return (in years discounted less / out years more).