The Income Approach is one of the three main approaches applied by business valuators in estimating the fair market value of a business entity or an asset. Under the income approach, business valuators apply methods to convert anticipated economic benefits into a present single amount to determine the fair market value of a business, business ownership interest, security, or intangible asset. The conversion of the economic benefits to value involves an integrated procedure which takes into consideration the expected growth, timing of the benefits, the risk profile of the benefits stream, and the time value of money. The expected economic benefits are converted into the fair market value through the use of an appropriate capitalisation factor or discount rate. The methods under the income approach include market capitalisation method, discounted cash flow method, and dividend- yield method.