Why are prices of stocks not very very high with very very low r? The theory of present value states that the price of a stock is the discounted value of the infinite stream of future income of the company.

Several countries have had very very low interest rates, very close to zero. Yet, stock prices have not gone to very very high values, or even infinity. 

Why is this the case? Is this a proof that the theory of present value is incorrect? Or maybe investors think companies will not last "forever" (which they cannot, as earth's lifespawn is finite)?
Equities and some other asset classes have gone up in price.

However, just because interest rates are very close to zero, does not mean discount rates are very close to zero.

Discount rates account not only for the price of money, but also for future uncertainties.

The extended period of depressed demand in many nations has added considerably to the uncertainty.

Hence, some asset classes have increased in price, but not to extreme values.