You’re valuing a high-growth company that will have negative Free Cash Flows for the next 5 years due to massive CapEx. Because of this, 110% of the Enterprise Value is coming from the Terminal Value. How do you defend this valuation to a skeptical buyer, and what specific technical tweaks can you make to sanity-check the Terminal Value?

你正在给一家高增长公司估值，由于巨额的资本开支，它未来5年的自由现金流都是负的。结果模型跑出来，企业价值（EV）的110%都来自于终值。你该如何向持怀疑态度的买家为其辩护？技术上你可以做哪些调整来验证终值的合理性？