If the three intrinsic value estimates for Stock X were different, you would have the most
confidence in Company X’s CFO’s estimate. Intrinsic values are strictly estimates, and
different analysts with different data and different views of the future will form different
estimates of the intrinsic value for any given stock. However, a firm’s managers have the
best information about the company’s future prospects, so managers’ estimates of intrinsic
value are generally better than the estimates of outside investors.