“…For the incomebased approach, comparable firms, by contrast, only play an indirect role, which is the basis for comparing some criteria of the target company (Figure 2). However, in several cases (e.g., the target firm is a firm with leverage restructure, a newly listed firm, an unlisted firm, or individual business unit), peer firms play a direct role in the income-based approach (Beneda, 2003;Damodaran, 2012;Renzi et al, 2013;Sarmiento-Sabogal & Sadeghi, 2014).…”