I'm trying to expand my investing knowledge into the domain of companies who's core business models are in structural decline (Tobacco companies, coal miners, legacy broadband providers, etc).
I imagine that the analysis will involve discounting future cash flows, but I'm not sure how to account for all of the asset sales (property/plant , brands/IP, whole business segments, etc) that comes with winding a large company down.
I also imagine that I would need to carefully analyze and monitor the management team's behavior, to make sure that they are returning money to shareholders instead of trying to save a dieing business.