Value is what the market is willing to pay for it--for anything, not just companies. The EMH says that that value is always discounted perfectly on a risk-adju

Value is what the market is willing to pay for it--for anything, not just companies. The EMH says that that value is always discounted perfectly on a risk-adjusted basis of all current knowledge about the company. Therefore if a company exceeds its risk adjusted expected performance in the future, it wouldn't be possible to predict beforehand.