Peer Valuation -> >$3, page-12

It is very important that you value the risk that the market put on an asset based on location. You can not place one of the worst locations and compare the same asset class with the best location. That is not how the markets work. And to put an arbitrary risk factor on the asset is also not how it works. the market does it. Yes compare FFX to AVZ and LTR to CXO. On that basis FFX is undervalued or AVZ overvalued. Your pick