25/26 All things point to point

Does anyone understand how the pointer ratings are worked out and are they worth using? I only ask because I’ve always used them as a ‘weather gauge’ to get a feeling for how strong the competition might be when we run one but I’m slightly at a loss with the L2 at Larkhill we have entered. There’s a horse entered, Highstakesplayer, that has a rating of 125. It ran at Larkhill in December off a rating of 113 and was a very close 3rd to two other horses rated 113. The other two are still rated 113. It was 1/2 length in front of a horse rated 111 which is still rated 111 and 3 3/4 lengths in front of a horse rated 113 which is now rated 121. The first 4 all carried 11st9 and the 5th 12st. I could of course be missing something that might be obvious to everyone else

Is there any value in the ratings or do we just use our best guesses to judge how well a horse has run?