Many people ask me what is a fair price for QAF Limited. Obviously, all of us will have our own answer. Of course, depending on Mr. Market's mood, share price could go higher or lower. There is no accounting for prices or so I have heard people say. What we can try to find out is the intrinsic value to help us make sense of the price offered by Mr. Market. After all, price is what we pay and value is what we get. I decided to play around with some numbers to see what QAF Limited's intrinsic value should be usingDiscounted Cash Flow (DCF), a process which is made much easier using an online calculator I found: http://www.moneychimp.com/articles/valuation/dcf.htm I will try to be more conservative because I don't know all there is to know. Instead of entering earnings per share (EPS) as 10.9c, I will enter 10c......