Metals & Mining valuations

Metals and mining names are deeply cyclical. DCF inputs anchored on trailing FCF can over- or under-shoot at cycle peaks / troughs, so the cyclical-anchor block substitutes a 3-year mean annual FCF (CYCLICAL_TICKERS / CYCLICAL_SECTORS). A trough bear-floor caps downside at min(0.6 × FV, 0.4 × price). Reverse-DCF and EV/EBITDA trend the more analyst-meaningful complements.