This post got $0.33 already. How often do you post in a year?

STEEM valuation works completely differently than the models you are describing. those models are all based on the annual REVENUE earned from each of their users (or in more sophisticated models, the contribution margin of that revenue).

What is the revenue of each STEEM user? How can that even be measured? In a sense, you could say that reward pool is the revenue, assuming no external revenue sources. In that case, you have an implicit valuation and IRR (inflation rate).

If user growth is expected to exceed inflation rate, then STEEM will appreciate (and may be undervalued, depending on the growth rate expected.) If user growth is expected to fall short of inflation rate, then STEEM will continue to drop.

Since STEEM price has been dominated by correlations with BTC price, it's hard to tell how much 'fundamentals' are already baked into the price. Given that on-chain APR's exceed inflation rate by 250%, I would guess that STEEM is still heavily undervalued. not financial advice, but I'll keep building on Steem and investing operationally for the foreseeable future.