Business Valuation Input Level 2 refers to the situation where there is no comparable market information on the stock exchange for the business being valued. In the absence of market information, business valuation analysts rely on internal cost information such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active. Quoted prices of similar assets under Input Level 2 require adjustment. For example, the valuator focuses on methods such as replacement cost (Cost method) or the various techniques involving the adjusted book value to estimate the fair market value of the business entity, part thereof or the value of an equity stake.