growth rate in the terminal value equation has to be less than or equal to the nominal growth rate in the economy (domestic or global) in which the company operates. I would tighten that constraint by suggesting that the risk-free rate be used as the proxy for nominal growth in the economy, thus bringing the currency choice into the growth estimate; if you are working with a higher-inflation currency, both your risk-free rate and expected growth rate in perpetuity will be much higher.
