Sustaining value across investment horizons

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

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

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

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

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    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.

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    An operating partner addresses cross-period robustness.