This is what I can make of the BNB situation.
1. The company and its satellites weave a very complex web, such that very few outside of management themselves can fully comprehend the business. As is often in situations like these the analysts can only take management's word on a lot of issues, so even though it appears they've done a lot of fundamental analysis, at the end of the day a large part of the valuation relies on management acting in the interests of truth rather than personal interests.
2. There is always someone with more information, a better understanding of the situation, and a more accurate judgement of the stock's value than any superficial attempt at valuing the company can provide.
3. The outlet for this is in the stock market and its stock price.
4. When this all blows over this more accurate information and analysis will come to light and it will be evident just how wrong the brokers/analysts's research on the business fundamentals was.
Basically in short, when you have large scale shorting of a large cap stock leading to major 30%+ falls in the stock, it is almost always justified on some fundamental grounds. That is what I've observed from my past experience at least.
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