In company valuation, we need to make assumptions about company's cost of capital, its future projections, by

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In company valuation, we need to make assumptions about company's cost of capital, its future projections, by carefully examining the company and its business environment.

We then use this analysis to value the company. Our analysis cannot beat the market's analysis as the market absorbs all the information available, public or private in a perfectly efficient market. Further, valuation analysis typically entails comparing the value arrived by the analysis with the market value and making recommendations such as buy/sell and hold, depending on whether company is overvalued/undervalued or just correctly valued. In a perfectly efficient market the company is always correctly valued. Therefore, valuation analysis is pointless in this context.

Which valuation analysis has different market efficiency assumptions for different stocks?

Why is this a problem? In which circumstances can this analysis be used?