What’s it worth? Values for companies exist along a spectrum. Compared to peers, some companies are worth more than others.
What could it be worth? It’s one thing to understand what the company is worth- but perhaps more interesting is understanding what is could be worth.
Is the company ready for the market? A company might be valuable and yet not be ready to go to market.
Would the market find it attractive? For a deal to be positioned well in the market the company needs to be both Ready and Attractive.