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Which would a mutual fund manager use to calculate the intrinsic value of the stock of a company that loses money every year and has

Which would a mutual fund manager use to calculate the intrinsic value of the stock of a company that loses money every year and has little prospect of ever showing a profit, if the company owns the valuable land that its headquarters sits on?

relative valuation model
dividend discount model
asset-based valuation model
FOMC model

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