Valuation Techniques in Startups

In the realm of alternative investments, particularly in private equity, various valuation techniques are employed to ascertain the worth of an investment opportunity. Assume that a private equity firm is considering acquiring a startup that has not yet generated any revenue. The firm uses a unique valuation method based on the projected cash flows and market comparisons from similar ventures.

Given this context, which of the following valuation methods is most likely to be utilized to evaluate the startup?