 Let's take a quick overview of different valuation methods that could be applied in small firm or unlist different contexts. These three valuation techniques are the basic techniques that are applicable to all possible contexts. Multiple comparables is based on finding companies that are somehow similar to our focal company. For example, if we find a company that is similar to ours, that has 10 million euros of revenues and has a valuation of 1 million euros, then we could infer that our company that is a bit smaller but similar that has revenues of 1 million euros would be valued at 100,000 euros. So the idea of comparables and multiples is that we find multiple comparable companies and then we infer the value of our company based on these comparable companies. The discounted cash flow valuation technique is based on calculating cash flow projection and you project how much free cash flow or estimate how much free cash flow cash that could be distributed to shareholders. The company generates every year and then you discount those to the current prices and you take a sum and that's your valuation. So the valuation using discounted cash flow is based on the idea that the company's value is determined by the amount of profits that it generates for its owners. And then we have the balance sheet approach. This is not very commonly used but it's basically could be applied when we sell a company that does not really have any viable business anymore. We just sell whatever equipment, whatever things the company owns. So we look at different assets that the company has and we sell those assets separately to the highest bidder. This typically produces smaller values than any of these other techniques because this balance sheet technique doesn't really take the value of the business itself into consideration. Then we have techniques or one technique that is particularly developed for investments in the startup companies and it's called the venture capital technique. And this venture capital technique or venture capital method is not really applicable to larger companies but it's built or designed for a scenario where an investor invests money in form of equity to a company with the plan of divesting within the next five or six years. Then in the venture capital approach you estimate the terminal value of the company or the exit value what is the price that the venture capital is likely to get when they divest their ownership and then you discount that to the current prices. This is for high risk investments and it works a bit different to the discounted cash flow method. Importantly all of these are techniques that are applicable to financial investor. So these don't consider strategic investors. Strategic investor is an investor that buys the company to get synergies or perhaps to get a competitor out of the market. So for strategic investor the reason for buying a company is something other than finance. So these values and techniques are based simply solely on the final performance of the company without taking into consideration of any potential synergies with the buyer. So the buyer is basically a generic here. There are no specific things about the buyer that would affect the values.