Fundamental valuation is the entry price that meets required returns on the buyer’s horizon.

The buyer’s entry price sets the seller’s terminal value. This sequence continues recursively across future transfers.

Implicit in the valuation is a discounted chain of sequential transfer prices, even if buried in comparables.

Single-period holding applies only to pure run-off assets.

Multi-period assets face risk of deteriorating operating environment under future owners, forcing a lower entry price if anticipated — or a downside surprise if not.

An operating partner addresses cross-period robustness.