You are probably right, but if you read the Raymond James report you will see that earnings are not the best metric for valuing UPL. I am more interested in the company's ability to prove up reserves, of which the latest operations report paints a very rosy picture.
Report high or low is not important. The point is that its reserves is only worth 2.5B valued at the last year end price. Its market is 10B. How to get this big gap closed? They will find more? Taking them 10years to find this 2.5B. Beyond this number, just a speculation.