Reading 43 : Val Emerging Mkt Q - adjusting cfs vs r

you can adjust the rate when calculating the value of stock in emerging market you can also adjust the cfs my question: how exactly is the cf adjusted/accounted for? is it a. calculate the value of stock under different scenarios i.e. base ,worst and best and then take the weighed average of 3 values , so you have 3 separate stock values at t = 0 and then take weighed average or b. take a weighed average of different cash flows for each year and compute the single value for the stock at t = 0, so you have only one value at t = 0 ?? TY