We propose a formula to derive the reinvestment rate to be employed in the terminal value of discounted cash flow models. We argue – on the back of a strict set of assumptions – that the reinvestment rate is first and foremost conditioned on two factors: the average economic lifetime of assets and the assumed average growth rate in the terminal value. The derived formula may allow practitioners to make a more thorough (value sensitive) judgement as regards the proper relation between (i) investments and (ii) depreciation & amortization in perpetuity.