The thing you need to remember when using an ROE valuation...

The thing you need to remember when using an ROE valuation technique is the assumptions that are made:
- retained capital can generate the same ROE forever (not possible)
- implied growth rate continues forever (not possible unless it is zero - ie 100% of profit paid as dividends)
- payout ratio remains constant forever

It is a reasonable tool to use for companies likely to experience consistent and substantial growth, or with minimal growth but close to 100% payout ratio. It is a bit less useful for a cyclical company like FGE.

As you point out, Skaffold is a waste of money if you just want a 'valuation' figure. Without understanding how the figure is arrived at, it is meaningless.

Around $4 to $5, I think FGE is great value. But ignore the Skaffold figure.