The special characteristics of the business environment in emerging markets, as described in the previous two technical notes (UVA-F-1453 and UVA-F-1454), affect the validity and applicability of many of the typical valuation assumptions that are considered applicable in the context of developed or emerged markets. As a result, appropriate adjustments in methodology are required when the analyst values firms or investment projects in emerging markets. This technical note first considers the general approaches that can be used for valuing a firm in a foreign market, whether it is an emerged or an emerging one. It then shifts focus to a detailed examination of the steps that investors should follow to complete the valuation of emerging-market firms.