MS....what a joke. I agree with most comments above. As an ex mining analyst I can tell you that the discount rate is the input variable which effects a company's valuation the most.
As an analyst, got a valuation that's "too high", starting to make you uncomfortable with the share price falling further and further away from your PT and valuation, then simply raise the discount rate. Jobs done....
latest recommendation report ( high risk), page-14
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