Hi all, apologize if this is in the wrong forum.
I need to value Exxon Mobil for a presentation and have been told that a DCF would not be accurate for reasons that have not been well communicated to me. Someone has mentioned using APV, but quick searches on WSO have said that APV is purely academic.
Could someone recommend me a good way to value Exxon, with detail on why?
Exxon is fully integrated super major. You would need to do a sum of the parts valuation. For refining and midstream, you could probably do a dcf, since the margins are relatively stable. But for E&P, the most common way to value is using NAV method.
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