The thing that you are calling “competitive advantage period” is referred to as “market-implied forecast period” at the linked website. Unfortunately, the website does not seem to have described the meaning of this phrase in detail like it has described other phrases like “Net Working Capital” by breaking the phrases into “component parts”.
Now, an investor’s view may agree or disagree with what is “market implied”. The investor may believe that the market is overvaluing the competitive strength of the company, or is undervaluing.
Market implied forecast period cannot be used as a parameter to compute the target price. Doing so will overestimate the target price for already overpriced stocks.
Disclosure: I have tracking position in SBCL.
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