2. Valuation principles

This assessment must be carried out objectively and transparently, so that its results and conclusions are verifiable: to this end, market conditions should be used as a reference wherever possible.

Objective reference to real market conditions is complex, as data is often incomplete: it is often difficult (i) to isolate the value of an asset in a market of complex products, which serves as a support for multiple intangible assets (a product as simple as shampoo may be protected by a copyright and/or a model on the shape of the bottle, a patent on the shampoo's active ingredient, a patent on the cap's locking mechanism and one or more trademarks) and (ii) access to precise information on the product's market conditions, as companies are reluctant to share and disseminate this information, for fear of reinforcing competition through knowledge of information that...