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The component of present value analysis that addresses the risk associated with future cash flows is the discount rate component. The discount rate reflects the rate of return required by an investor to take on the risk of receiving future cash flows. When assessing the present value, the discount rate takes into account the uncertainty and potential variability of those future cash flows. A higher discount rate is usually applied when there is greater risk, which results in lower present value calculations to reflect that risk.

In the context of present value analysis, the inflation component accounts for changes in purchasing power over time, which affects the real value of cash flows, but does not specifically address the risk involved in those cash flows. The enterprise component typically involves factors relating to the overall business environment rather than the specific cash flow risks. Meanwhile, the unique component may refer to specific risks associated with an individual project or situation but does not encompass the systematic approach that the discount rate provides for assessing risk across future cash flows.