Aswath Damodaran: Valuing A Commodity BusinessRupert Hargreaves
Placing a value on the equity of cyclical and commodity companies is a challenging process not least because growth often comes from movements in the economic cycle.
The primary risk for cyclical firms is the health of the economy, and for commodity companies, the primary risk is commodity price movements. Unfortunately, these risks can stay dormant for long periods of apparent prosperity.
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