A Holding Company refers to a company with a group structure which entails a headquarters and subsidiaries. Under this structure, the Holding Company provides investment and all forms of support to the subsidiaries and in return derives its income and returns from the subsidiaries rather than from the sale of products or services. When determining the fair market value of a Holding Company, business valuation analysts estimate the value of each of the subsidiaries separately as well as the holding company. The valuation conclusion is the sum of the fair market values of the holding company and the subsidiaries.