Critics of this approach assert that this is a very basic form of valuation and construe the method to be excessively simplified due to its highly simplistic assumptions. The proponents of the concepts of multi-period discounted cash flow models argue that in this dynamic and innovative environment (wherein each company is characterized by a unique and innovative business model that cannot be easily replicated or copied by others), it is difficult to find a comparable for every company. The stock markets cannot be determined to be perfectly efficient and the problem gets complicated in the stock markets of emerging economies. Since the markets cannot be assumed to be perfect, there is no assurance as such that the market value of a particular stock is accurate as inefficiencies in the market are factored in the prices of the security also. This would lead to mispricing in the market value of the comparable being transferred into the intrinsic value of the security also which is being valued. Several analysts hold the notion that this approach can be deemed to be suitable to determine the terminal value of the companies at the end of the sustainable competitive advantage period, which witness supernormal growth rates during the time of valuation, but in the long term, its growth rate would be close to the average growth rate of the industry as a whole.