How would you value net operating losses (NOLs) and reflect them in a valuation?

• Treat them as future revenue, adding the taxable income they shelter straight onto the projected top line
• Subtract them from enterprise value like debt, since they represent a real claim against the company
• Add their full face amount directly to equity value, since the entire balance offsets future taxes owed
• Value them as the present value of the future tax savings they generate, added as a non-operating asset
• Ignore them completely, since accumulated losses only reflect past mistakes and carry no forward value at all