Notwithstanding, the valuation and its assumptions refers to, from what I understand, how a minority stock investor, such as ourselves - individuals, may value the stock for its IPO.
If you or I buy a few shares of stock we'll likely not have any "synergies" to speak of so the actual earnings power of the company is important
If you or I buy a few shares of stock we'll likely not have any "synergies" to speak of so the actual earnings power of the company is important