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A present value is computed by discounting back future lease payments to be made at a company's estimated cost of borrowings to arrive at a theoretical borrowing equivalent. While the borrowing equivalent may be a reasonable approximation, the discounted value will not tend to equal the amount of OPM used, which is key in evaluating comparative corporate capital stacks. The present value of lease streams is also somewhat irrelevant, since companies nearly always extend leases or replace them with other leases. In that sense, computing the present value of a lease stream does not treat companies like going concerns. Financial statement analysts are most interested in the annual lease payment obligations and generally assume these to be ongoing or increasing, assuming the company is to remain the same size or grow.
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