We cannot value every company the same way.
Whether its asset light, capex light, asset heavy, capex heavy in what kind of industries?
Whether it has a monopoly,light competition, lowest cost among peers,
high barrier to entry, geographical advantage, cutting edge technologies?
Whether its accounting book is reflecting the truth?Whether its simple or complex, whether its meant to be understood or meant to confuse and hide?
Warren Buffett only invest in something he can understand.
Be it the business, its accounting and its management.
That's why he said wait for the perfect hit in baseball.
No point swinging at something u r not confident/understand.
When he embraced value investing it was more of asset valuation,NTA thing.But Charlie Munger taught him about companies light in asset,light in capex so he started valuing companies like this with DCF.
Provided he can understand its book of course.