Brokers DCF's told us all the company was worth an consensus average of just $2.19 as late as the end of May 2017 when the SP was close to $3.
Every analyst DCF I have seen only forecasts free cash flow for the next five years and then assumes a terminal growth rate of 2% thereafter. and there's the fundamental flaw with their DCF guesses right there. Recent DCF's are not picking up the tremendous free cash flow in the 2023 and 2024 years when the company is still ostensibly on a capex holiday because its outside of the timeframe of their specific 5 year estimates. No wonder very few N.Z. institutions and retail holders left because most are relying on analysts that cannot think further out than 5 years. They should put their headlights on full beam and they might get better visibility !