Chuckrox8

If you are discounting the risk in the cash flows you might not use the currency risk premium and use the US risk free rate. The risk of valuation in emerging nations is mainly in the inflationary phase.
If you consider using  the country risk premium , however, you should remember that even a small increase in discount rate would need a very high estimation of increase in the CF growth rate to give you a sound valuation estimate. Use the 3 tier estimation of the country risk premium, relative valuation  method and DCF analysis to arrive at a conclusion.