This aligns with softer manufacturing PMI data in June. The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$422m. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$8.5, the company appears a touch undervalued at a 20% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. You have reached the limit for gifting for this month What is bond futures? Investors use them as a hedge against interest rate risk. The latest COT (Commitment of Traders) report shows asset managers increased net longs in 10-year bond futures by 15%, a sign they expect rates to drop into Q