When your financial statements claim that your Trump Tower apartment is three times the actual size it is, and you have hundreds of assets an analyst needs to look at, he’s going to assume you’re not lying about that and value the apartment based on that size in that location.
When your financial statements failed to disclose that the Mar-a-Lago property is under a deed restriction that restricts its use to a private club as it is now, and Trump is valuing the property as if it could be subdivided into individual properties for luxury homes, the analyst is going to assume he’s not hiding that critical factor. There’s other examples just like that. He gave false information to bank and insurance companies which lead analyst to false conclusions. He did a deliberately and he did it year after year after year.
These weren’t assets he was borrowing money, directly against - in those circumstances, the banks will have that property independently appraised. These are among hundreds of assets on his personal financial statement, representing his value as a guarantor on loans; in situations like that, analyst don’t necessarily believe the values assigned to the assets on the financial statements, but they have to be willing to trust the critical information about those assets provided by the borrower.