For anyone reading this, I wouldn't expect you to trust what I say but I would expect you to trust what's written by professionals i.e. people who analyse stocks for a living. There's a 13 June 2024 report available for Aura in this thread:
https://hotcopper.com.au/threads/ann-aura-increases-tiris-mineral-resources-by-55-to-91-3-mlbs.8047059/Have a look at how they work out the target price...they forecast the components of cash flow (e.g. revenue, expenses) for multiple years into the future.
sloeb, if you can find me one research report from a reputable organisation not just for Aura but for any company at any time that uses iceberg orders as an input into target price, I'll eat my words.
If you can't find even one research report for any company at any time...then maybe that suggests that no finance professional considers iceberg orders as having any relevance for target price?
(20min delay)