“Intrinsic value equals the present value of future free cash flow. Because the future is unknowable, you might think of intrinsic value as a range. Indeed, prices are often in that range―Mr. Market is getting things mostly right. But there are times when Mr. Market becomes manic and names a very high buy-sell price, and other times when he’s depressed and names a low price”.
– Michael Mauboussin and Dan Callahan, Animating Mr. Market.
There’s more to valuation than just going by Mr. Market’s moods.