Visser, Inc. is an unprofitable fishing enterprise. Visser rents most of its boats and equipment but owns valuable transferable fishing quotas. If a competitor is interested in acquiring Visser, the most appropriate equity valuation model to use is a(n):

Asset-based models are often used to value natural resources companies and companies that are being liquidated. Because Visser is unprofitable, an earnings multiplier model or a dividend discount model such as the Gordon growth model may not produce a meaningful value for the firm.