Ryan leigh is preparing a presentation that analyzes the valuation of the common stock of two companies under consideration as additions to his firm's recommended list: emerald corporation and holt corporation. leigh has prepared preliminary valuations of both com­panies using a fcfe model and is also preparing a value estimate for emerald using a dividend discount model. holt's 2007 and 2008 financial statements, contained in exhibits 1 and 2, are prepared in accordance with us gaap.