The valuation of a company as dynamic system is therefore complex, the different models or methods of valuation are theoretical approaches and therefore they simplify the reality. Such models are approximated by statistical assumptions or premises that allow us to do this simplification, examples are the investor behavior or the market efficiency. Under the framework of an emerging market, this process presents challenges for any valuation method, given that the market does not obey the traditional paradigms. This means that the valuation is even more complex, when the investors face greater risks and other obstacles. Furthermore, as economies globalize and capital becomes mobile, valuation take even more importance in that context. This work attempts to collect and analyze the different valuation methods. It also attempts to identify and apply those models that are recognized as best practices. This process was developed for the most important company in Colombia, where the context of emerging market and specifically the oil sector, were considered as criteria for the application of the traditional DCF and the practical R& V.
