This chapter presents valuation as a fundamental discipline that bridges corporate fundamentals, market pricing, and investment decision-making. It systematically analyzes the three core valuation approaches—market, income, and asset-based—with in-depth treatment of widely used multiples (P/E, P/B, P/S, P/CF) and intrinsic value methods (DCF, DDMs). The discussion extends beyond formulaic application to explore the conceptual underpinnings of valuation, including mean reversion, normal distribution frameworks, and the dynamics of the Davis Double Play. Rather than seeking precise answers, the emphasis is on identifying critical value drivers, understanding the limits of models, and cultivating judgment in interpreting results. Valuation is framed not as an end in itself, but as a structured process for thinking about business worth under uncertainty.