$45 is the avg valuation for explorers according to the image...

$45 is the avg valuation for explorers according to the image below.

i acknowledge that this is dependent on the data set.

2.5% or 5% or 50%, this is the problem with IGV.

if your deciding company B is worth $x because of IGV or peer comparisons, good luck.

but they do provide a starting point to value a company that doesn't have a p/l, only a bit of metal in the ground.

igv and peer comparison are an easy way to compare a truck load of companies, with out the emotion.