s.t. Va=∑i=1nFi(1+r)i+Vs(2) Vc=VSN(d1)−Xe−rTN(d2)(3) Y=Va(1+r)T(4) d1=ln(VSY)+(r+12σ2)σT(5) d2=d1−σT,(6) where Va is the discounted value of real assets obtained by discounted cash flow method. Vc is the discounted value of future growth opportunities, i.e. the discounted value of options. Fi is the net profit at year i and obtained with ECMM, which is provided in next section. r is risk-free interest rate, VS is the current value of the company, which is determined by tangible assets, such as currencies, buildings, real estate, vehicles, inventories, and equipment. Y is the final price of the company, T is the option expiration period, σ is the volatility of asset returns, N(x) is the cumulative probability distribution function of standard normal distribution.