Suppose you have been called upon for a valuation of one of the Container or Dry Bulk shippers. For each of the sets below, explain which you consider most important to your analysis and why.

1. Liquidation, enterprise, or fair value analysis? (5 pts)
2. Entry costs, substitution costs, or the number of competitors? (5 pts)
3. Free cash flow (FCF), dividend (e.g., dividend discount model), or relative value (e.g., P/E, P/S, etc.) analysis?