Unexpected takeover premiums could be due to the limitations of traditional discounted cash flow models that do not take into account the synergetic potential of the valued assets, which should be acquired by another firm. The author offers a method to value a firm taking into account potential value sitting outside the firm due to synergetic potential. The magnitude of this value depends on the scale of potential synergies, on the willingness of third parties to acquire the firm and the post-acquisition use of the assets.