Ann: FY22 Results Presentation, page-426

I couldn't agree more. I find it useful to read these reports to the extent that I want to know what the mainstream views are.

With regard to their price targets, I find them not useful at all. They never publish any information the performance of their recommendations (probably because it's not good).

The range of valuations across the brokers you highlight just illustrates how DCFs and other valuation tools are all dependent upon the assumptions you input to them. Whether you want a $1.50 price target or $3 price target, I can give it to you by changing a few assumptions in the model. Whether those assumptions are realistic or plausible however, is another matter!