First, note my parenthetical comment. Second, your answer is to a different question - what is a reasonable theoretical valuation for a minority shareholder ba

First, note my parenthetical comment. Second, your answer is to a different question - what is a reasonable theoretical valuation for a minority shareholder based on various potential outcomes? Not: at what price could I sell 100% of the asset in the market right now? An actual cash purchaser is always giving up a current cash flow because they expect a larger future cash flow. In your example, 2 and 3 can also be viewed based on cash flows. If you plan to build the same thing, buying it instead eliminates the negative cash flow of building it. Comparable transactions are based on how others valued comparable cash flows. Economically, it's always about the cash flow. Of course, economics isn't everything, there are trophy properties, social motives etc.