According to the website,
the intrinsic value is defined as "measure of value based on the future earnings a company is expected to generate for its investors".
But then on this same website but on a different page
it suggests that intrinsic value of a company does NOT include predictions for future earnings as shown in these statements:
Book value is the stock's intrinsic value. It is the amount a shareholder would be entitled to receive, in theory, if the company was liquidated.
Intrinsic value is the sum of all of the company's assets minus its liabilities.
To make matters more confusing, when I went to google to search for whether security analysts use a "market value vs. intrinsic value ratio", where I assumed intrinsic value is calculated via discounted cash flow method (hence includes predictions for future earnings), most google results talk about price to book ratio and some pages seem to suggest that market value vs. intrinsic value (via DCF) ratio is known as the price to book ratio.
So my questions is does the term intrinsic value include future earnings?