We should distinguish between:

- price (absolute level)

- price movements (relative change)

Your claim is that an equity's price isn't usually a reflection of fundamental value.

On how many days this year (or this decade) was Google's market cap lower than that of Cheesecake Factory? Why?

I was referring to an equities price generally being in a wide band channel of price over a year. I was not suggesting an equity goes wildly below it's intrinsic value often (although it is not uncommon still)

…yes. Which is why OP made the argument that this tool, which helps with fundamental performance, isn’t very useful for calculating an equity’s price target.