Gold is different.
Multiples are applicable to gold, plus the discount rate is substantially lower than other commodity classes reflecting a low-risk asset. Which is probably why your NPV models are undershooting share prices
Interest rates don't have a great bearing on WACC.
In terms of methodology, NPV clearly remains the metric that finance people are using to test market values, so I respectfully disagree with you on that.
FMG - a quickie valuation, page-5
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Last
$19.84 |
Change
0.300(1.54%) |
Mkt cap ! $61.08B | |||
| Open | High | Low | Value | Volume |
| $19.73 | $20.08 | $19.57 | $109.3M | 5.507M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1002 | $19.83 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.85 | 72168 | 3 |
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| Last trade - 16.10pm 21/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |