maryli

That has to depend on the basis that you are using for your valuation. If you are using a public equity value and you are valuing a non-controlling interest, you do not need to apply a DLOC, because holding a public equity is usually a non-controlling position. On the other hand, if you are using a private equity value from another similar company (such as the guideline transaction method) which is from a controlling perspective and valuing a non-controlling interest, then you need to apply a DLOC.