Which factor is NOT considered in determining DLOM according to the Mandelaum case?

The factor that is not considered in determining the Discount for Lack of Marketability (DLOM) according to the Mandelbaum case is market competition.

In the context of business valuation, DLOM reflects the reduction in value attributed to the lack of marketability of an investment. This discount arises from several specific factors that indicate the difficulties or limitations in selling an asset. Crucial considerations for determining DLOM typically include elements directly impacting the liquidity of the asset, such as the company's dividend policy, the holding period and restrictions on transfer, and the nature, history, and economic outlook of the company.

Market competition, while relevant to an overall analysis of business performance and health, does not directly speak to the factors influencing the marketability of the business's equity or the conditions under which it may be sold. Thus, it is excluded from the considerations relevant to the calculation of DLOM in the Mandelbaum case. Understanding this distinction is essential in the context of business valuations, particularly when assessing how different characteristics contribute to the perceived marketability of an investment.