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To: roto who wrote (3475)	1/29/2022 10:16:16 AM
From: Sun Tzu	Read Replies (1) \| Respond to of 10534

Assume there is a company, doesn't have to be Chinese, that is making $1B per year and is valued for only $1M. The company has no debt. How much is the stock worth? What if the stock pays no dividends and you may not buy shares to take over the company and sell it for parts and you may not change the board to declare divs or change their operating practices - how much is a stock of a company that pays no divs and cannot be taken over and you have no say in is worth? In my mind such a stock is like stamp collecting; there is no intrinsic value; it is only worth whatever the next guy is willing to pay for it. There is no point applying DCF or other valuation methods if you will never see any of those profits - even in the hypothetical case.