fair value vs intrinsic value

“Guardian Capital’s research process requires analysts to evaluate the reasonableness of the expectations implied by the market price by comparing the market’s implied expectations to his or her own expectations.”

According to Statement 5, analysts are expected to use valuation concepts and models to:

value private businesses.

render fairness opinions.

extract market expectations.

Answer is c. i chose B but ultimately i was confused here. valuation models are used to determine the intrinsic value of the asset and then to compare this to the market price. so why is the answer c? how would the question need to change for b to be the answer? thanks

does anyone have an idea?

anyone?

Fair value has nothing to do with the question. There’s also fair market value, which also doesnt have anything to do.

Maybe if the question said they were doing a comparison appraisal, then answer might be B.