A Leasehold Estate is a temporary right granted by a lessor to a lessee with the ownership rights reverting to the lessor at the end of the lease period. In business valuation, a leasehold estate qualifies as an intangible asset because they can be recognised, identified and the associated economic value accurately measured. Intangible assets are a class of assets without physical form (like tangible assets, e.g., building) which hold value to the owners. Business valuators estimate the fair market value of a leasehold estate by applying techniques under the cost, market, and income methods.