Hence, compared to the present book value of Holmen’s growing forest of about 11 billion, both our market based valuations are considerably higher. As stated by a person interviewed, “Holmen’s ambition has never been for the DCF model to arrive at a market value of the growing forests, but a fair value”. Just as the Faustmann formula, Holmen’s DCF measures the value of the growing forest from forestry and is in line with the concept of value in use.