Valuation is always a dicey territory to be in, especially when done by an investment bank. Their interests are not exactly in line with putting the actual pict

Valuation is always a dicey territory to be in, especially when done by an investment bank. Their interests are not exactly in line with putting the actual picture out there. One of the companies I had worked for once had its valuation done by a pretty big i-bank at $1 billion. We were flabbergasted, but they were also going to be underwriters for the issue.