Investment value, also known as strategic value, is defined as the value of an asset to a particular investor.  Investment value is typically higher than fair market value due to such things as revenue and/or expense synergies, favorable financing rates or tax status, and reduced perception of the degree of risk or required rate of return.  For example, if one particular potential buyer of an entity is capable of achieving more synergies as a result of the transaction than all other potential buyers, and the buyer is willing to pay the seller for those synergies, then that particular buyer’s price would be considered investment value.  If all other potential buyers could realize the same level of synergies, then the representing value would be considered fair market value.

Intrinsic value is the value arrived at through fundamental analysis of a particular asset.  It is considered to be the value an analyst arrives at through extensive research and financial analyses.  It is not considered to take into account the extremes of the market or the emotions of irrational market behavior.  As such, intrinsic value often differs from current market value.