TL; DR Marketcap = project value x market sentiment coefficient Market sentiment coefficient = industry beta x sector thesis At the market becomes more mature and efficient, the impact of market sentiment will be less significant. Where is our industry beta coming from Stock markets in almost all the countries have beta return. If we track major stock indexes, regardless of developed or developing economies, on average they will generate an annual return of 7-10%. This is driven by the growth...

TL; DR Marketcap = project value x market sentiment coefficient Market sentiment coefficient = industry beta x sector thesis At the market becomes more mature and efficient, the impact of market sentiment will be less significant. Where is our industry beta coming from Stock markets in almost all the countries have beta return. If we track major stock indexes, regardless of developed or developing economies, on average they will generate an annual return of 7-10%. This is driven by the growth...