They are definitely not imaginary, they just have probabilities baked into them. Many people traded around that valuation which is much different than your exam

They are definitely not imaginary, they just have probabilities baked into them. Many people traded around that valuation which is much different than your example. Valuations of public companies aren't always rational in my opinion, however they are (again in my opinion) better assessments of value than any one person's estimate. If you disagree and think you are able to make a better prediction, then by all means don't leave a reply here, just short the stock (and with leverage - use options, etc).