Ranjeet is a sell$-$side analyst for a small Wall Street brokerage company covering publicly and actively traded company with listed equity shares. Ranjeet is responsible for issuing either a buy hold or sell rating for the shares of company XYZ and Company ABC. The appropriate valuation model for each company was chosen based on the following characteristics of each company: Company XYZ is an employment services firm with no debt and has fixed assets consisting primarily of computers service and commercially available software. Many of the assets are intangible including human capital. The company has a history of occasionally paying a special cash dividend. Company ABC operates in three unrelated industries with difference rates of growth: Tobacco$(60\%$ of earnings$)$ shipbuilding $(30\%$ of earnings$)$ and aerospace consulting $(10\%$ of earnings$).$ The company pays a regular dividend that is solely derived from the earnings produced by the tobacco division. Ranjeet considers the following development in making any necessary adjustments to the models before assigning rating. Company ABC has finalized the term to acquire $70\%$ of the outstanding shares of company R an actively traded tobacco company in an all stock deal. Ranjeet assigns rating to each of the companies and provides a rationale for each rating. The director of research asks Ranjeet: $$How did you arrive at these recommendations? Describe how you used a top$-$down approach which is policy at our company.$$ Ranjeet replies $$I arrived at my recommendations through my due diligence process. I have studied all of the public disclosure documents; I have participated in the company conferences calls being careful with my questions in such a public forum; and I have studied the dynamics of the underlying industries. The valuation models are robust and use an extensive set of company$-$specific quantitative and qualitative inputs.$$ QuestionWhich of the following is most likely to be appropriate to consider in company ABC$$s valuation of Company R$?$

A

Blockage factor

B

Control premium

C

Lack of marketability discount

D

Assets Base