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f the three intrinsic value estimates for Stock X weredifferent, you would have the most confidence in Company X's CFO'sestimate. Intrinsic values are strictly estimates, and differentanalysts with different data and different views of the future willform different estimates of the intrinsic value for any givenstock. However, a firm's managers have the best information aboutthe company's future prospects, so managers' estimates of intrinsicvalue are generally better than the estimates of outsideinvestors.
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