True, that's one way of doing it. The problem with applying that...

True, that's one way of doing it. The problem with applying that method is that there is little/no value in Indian sandalwood trees <10 years old, particularly when you account harvesting cost which is quite expensive. Likewise, selling at cost would severely undervalue these assets.

Not saying DCF is an art rather than a science, but as long as the assumptions are reasonable I believe its the lesser of two evils. The market is basically applying the uncertainty value in such a long term DCF regarding risk, as you have correctly pointed out.