An Airline Route is an intangible asset that presents significant value to an airline operator. In valuing an airline operation, business valuators value the route separately from the tangible assets as sources of additional value over and above the fair market value of the tangible assets. An Airline Route encapsulates the rights granted to the airline operator to operate scheduled air services between specified airports. International routes are governed by multilateral agreements between countries. The airline route grants exclusive rights to the airline operator to generate economic benefits which may not be available to other airline operators. Business valuators estimate the potential economic value and cash flows that airline operators can generate through which the fair market value of the route can be estimated taking into consideration several factors including the commercial and financial viability of the route. Typically, during acquisitions in the aviation industry, the routes plied by an airline can be a source of significant value depending on the traffic capacity and other economic considerations. To estimate the fair market value of airline route, business valuators apply techniques under the cost, market, and income methods, a situation made possible by the fact that airline route can be identified and the economic benefit can be accurately measured.