Sum-of-the-parts ("SOTP") or "break-up" analysis provides a range of values for a company's equity by summing the value of its individual business segments or assets to arrive at the total enterprise value SOTP is not an asset-based approach, it is a "hybrid" valuation approach Equity value is then calculated by deducting net debt and other non-operating adjustments For a company with different business segments, each segment is valued using ranges of valuation approaches (market-based, income-based, asset-based) appropriate for that segment