The aim of the paper is to investigate about the way the economic environment crisis, and particularly the Covid-19 emergency, affects the business valuation drivers, as well as to identify the adjustments requested to esteem a reliable value of a business, that reflects the market conditions. Covid-19 has not only caused a health emergency, but also a real economic crisis, whose effects are destined to last for many years and whose recovery, following the most recent events, seems to take the shape of a “W”. Specifically, the measures adopted to contain its propagation have seriously damaged companies all over the world, interrupting, even for a limited period, production and sales, with strong consequences in terms of lack of liquidity, worsening of financial structure and, definitely, greater risk of insolvency. However, not all companies have been affected in the same way. As with any financial crisis, the impact proves to be different depending on the industry the company operates in, as well as its characteristics. The main research questions, therefore, are: “Are business valuation methods able to capture the impact of the crisis on companies? How is this impact reflected on corporate value? Are there sectors that have not been affected by the crisis or that have even benefited from it?”. To answer the research questions, we set a data sample of the top five companies, on a global scale, by market capitalization, with reference to two industries, air transport and telecommunications, and we observed the trend of their share prices. We found that although there is a decline for both sectors during the worst period of the pandemic (March-April 2020), over a longer time horizon (January 2019 to November 2020) these industries show opposite trends. In particular, while the telecommunications sector shows an overall positive trend, the air transport one presents a negative trend, with the latest observations being at a significantly lower level than the average level recorded over the reference period.