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This step of the discounted cash flow (DCF) analysis bridges the enterprise-level forecast down to per-share earnings, connecting the model to the metric investors actually watch. The video walks through building a projected income statement that flows from forecasted revenue through operating income, interest expense, taxes, and net income, then divides by a projected share count to produce earnings per share (EPS) for each year of the forecast. Carrying the model all the way through to EPS makes it possible to sanity-check DCF outputs against Street estimates and to tie intrinsic valuation back to the multiples framework most equity investors use.