Hey Anon! Basically a Kabuki DCF is a term used to describe the scenario whereby the analyst already knows the sort of ratios and numbers he/she wants to bring out from the DCF even before modelling it. In reality though, analysts- often sell-side analysts have hidden agendas behind promoting a particular stock. But, they can even go one step further, knowing the rough numbers for average industry comparables such as P/B, P/E and EV/EBITDA , they can rework their entire model and edit assumptions to hit their ideal valuation metrics for the company. This renders the DCF inaccurate as it basically just "prices" the stock instead of actually valuing the company.