VC valuation (Pre money and Post money)

If you are discounting the projected cash flow of a start-up, is the resulting valuationa pre-money valuation or a post money valuation? Please help if anyone knows the answer and can walk me through the reasoning. I am a little bit lost in trying to wrap my head around this.

I saw a recent post-money valuation of for a start up. But what you must keep in mind then is the heavy discount that should go with it. This is how I see it, a pre-money valuation is based on historical performance and a post-money valuation is based on future projections (DCF, etc). I might be completely off here. You might want to google it.