A franchise network has several locations signed and under development and will come online over the next 12 months. There are no past financials for these locations, obviously, to factor into the valuation. However, there are a number of other locations that can serve as proxies. What, in your opinion, would be a reasonable approach to take into account the expected future cash flow from these new locations for valuation purposes? Should a discount rate of some sort be applied? Is it reasonable to just apply historical network averages?