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Any given stock has one true actual value, which takes into account all of its future growth and discounts it perfectly back to the present.
I think I still disagree. I haven't completely thought it through, but even if you discount perfectly, it still depends on what exactly you discount BY. If you discount by EXACTLY the average rate of T-bills then perhaps yes. But why would anyone discount a prospering company by only roughly inflation plus a few basis points (where T-bills typically trade)? You would surely discount it by a higher rate than that because it is growing by more than a few real basis points.
