In the context of DCF analysis, which factor is NOT typically considered during the forecasting period?

In Discounted Cash Flow (DCF) analysis, the forecasting period is primarily focused on future cash flows that a business is expected to generate. During this period, analysts create estimates of cash inflows and outflows to project the company’s financial performance.

Cash received and expended are fundamental components of the cash flow projections, as they directly impact the company’s ability to generate value. Additionally, changes in working capital are crucial since they influence the amount of cash available for investment and operations, reflecting the company’s operational efficiency and liquidity.

Historical revenue data, while it can provide context and a basis for projections, is not directly used during the forecasting period itself since analysts concentrate on expected future performance rather than past results. Therefore, it does not play a role in the forward-looking estimates that define the cash flow analysis for that timeframe. This distinction is why historical revenue data is the correct answer to the question.