What's "value" for value investor?

A "Value Investor" in its conservative sense relies only on numbers in absolute terms. For him the underlying value has utmost importance. Now, this underlying value might derive from unlocked assets, cash or maybe future growth. For a value investor, everything needs to be optimum: the buying price, growth and future cash flows. He come to a value based upon these suppositions. From the outside, you might feel that a value investor is only relying on the present value in the business. But this isn't so. His present value takes into consideration the future cash flows. The "Discounted Cash Flow" model is based upon this supposition of which a value investor is a die-hard fan. But here is the pitfall too.

Suppose a business is getting valued by less than its cash reserves at a point in the market. The value investor comes to know about it & does his calculations taking into consideration the underlying assets plus the future cash flows which the business is to overthrow and gets invested in it. But, what if, the business becomes stale, stops throwing future cash flows & eats up its cash reserves too.

Second is the case when a business is quoting at half the price of Working Capital. The business shows growth potential too and the value investor get attracted by these facets. The business shows growth in terms of revenue, but no real cash flows. Everything is simply on paper. There might be a case of Minority Interest or Convertible Debentures eating into the real profit.

There might be a case where the business is re-investing its cash profits into fixed assets thus leaving little for the value investor.

All these above discussions wish to indicate towards the honey traps for newly born value investors. To become a value investor, one can't just focus on a single dimension only, like the underlying asset or cash value only.  One needs to have a firm grasp over the business model, the capital structure, growth & supposed future cash flows of a business. After all, its the cash which matters. Any business derives its value only from the cash flows and to have sound cash flows, everything must be in order.