Business Valuation Input Level 1 refers to data observed in active markets, such as the stock exchange or dealer market, for identical assets or liabilities that the valuer can access at the measurement date (market method). Quoted prices in active markets for identical business are the most reliable because they normally do not require adjustments. The business valuator must seek market information which will serve as a guide in the determination of the value of the business under consideration. As the business being valued is private (not listed on a stock exchange) the valuer normally applies discounts to the market price to arrive at the value of the private entity being valued.