The best replacement for dcf is capm.

The best alternatives to dcf are rated as following:
★★★★★  capm
★★★★★  irr
★★★★★  multiples
★★★★★  npv
★★★  ddm
★★★  lbo
★★★  apv
★★★  fcf
★★  pcf
★  eva
★  multiples valuation
★  black scholes
★  direct capitalization
★  nav
★  real options
★  p e
  lbo model
  residual income
  comparables
  income approach
  valuation

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Speaking about dcf, one probably shouldn't forget about mid year convention.

Other search terms related to dcf and their ratings are:
★★★★★ mid year convention
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