Participant Specific Value: When Fair Value Isn’t So Fair
Valuation is supposed to be neutral. But what if the buyer sees more than the market does?
Enter Participant Specific Value (PSV)where valuation breaks free from market norms.
The Core Principle
Fair Value = Value in the eyes of the market
Participant Specific Value = Value in the eyes of you
PSV factors in unique advantages, synergies, or constraints that a specific buyer/seller brings to the table.
This is where control premiums, cost savings, tax arbitrages—or even emotional biases—show up in numbers.
Valuation Insights
Strategic buyers ≠ financial buyers—PSV differs based on acquirer intent
PSV includes location benefits, cross-asset synergies, and integration capabilities
Think: tax loss harvesting, supply chain absorption, IP bundling—none of these reflect in Fair Value
? Missteps to Watch
Applying Fair Value in special negotiations—can miss strategic premiums
Ignoring synergy-driven advantages—can lead to underpricing in M&As
Using market comps blindly—PSV isn't a relative play, it's a contextual one
Takeaway for Analysts & Dealmakers:
PSV tells your story, not the market’s.
Use it where deals are strategic, not transactional.
Because sometimes, value is what you can do with the business—not what others can.
PSV ≠ bias it’s a lens. Use it with logic, not emotion
Absolutely. We have IBBI-Registered Valuers under all three categories—Land & Building, Plant & Machinery, and Securities/Financial Assets. Our team also includes experienced chartered accountants and engineers.
Yes. We offer remote/desk-based valuation for startups, financial assets, and select use-cases. For physical assets, we usually require on-site verification.
Yes. Client confidentiality is paramount. All data shared is stored securely and not disclosed to any third party without your consent.
