wise owl real valuation 6c discounted to 4c, page-3

Yes, I agree entirely that the discounted rate is there to reflect the uncertainty of future cash flows.

Having said that, the discounted rate can also reflect the sentiment about this stock, and the punter can choose to apply the discount or not according to their sentiment.

As we know the estimate of future earnings is a rubbery and highly uncertain figure, and it takes a brave person to make these guesstations based on so many assumptions.

In the end, the market will decide the merit of the valuation