Finance

Discounted Cash Flow (DCF)

5-year DCF with terminal value, per-share equity, and a WACC × terminal growth sensitivity grid.

Equity Research · Intrinsic Value

Discounted Cash Flow

Project free cash flows. Discount to today. Read the fair value.

StandardModel · May 13, 2026
Fair value · per share
$41.91/ sh

Enterprise value of $41,912,486, less net debt of $0.

Enterprise value
$41,912,486
Equity value
$41,912,486
PV explicit FCF
$9,021,397
PV terminal
$32,891,090
01 · Assumptions

Inputs

USD · annual
Free cash flow projections5-year explicit period
Y1
Y2
Y3
Y4
Y5
02 · Projection

Discounted cash flows

r = 10.0%
PeriodFCFYoYDiscountPV
Year 1$1,500,0000.9091$1,363,636
Year 2$1,900,000+26.7%0.8264$1,570,248
Year 3$2,400,000+26.3%0.7513$1,803,156
Year 4$3,000,000+25.0%0.6830$2,049,040
Year 5$3,600,000+20.0%0.6209$2,235,317
Σ Explicit$12,400,000$9,021,397
03 · Terminal value

Gordon growth

TV = FCF₅ × (1+g) / (r−g)
Terminal FCF
$3,708,000
Terminal value
$52,971,429
PV of terminal
$32,891,090
Share of EV
78.5%
EV composition22% explicit · 78% terminal
04 · Sensitivity

WACC × terminal growth · Enterprise value

Values in $M
WACC \ g1.5%2.0%2.5%3.0%3.5%4.0%4.5%
8.0%47.851.255.260.165.973.382.7
8.5%44.147.050.354.359.064.872.0
9.0%41.043.446.249.553.358.063.6
9.5%38.240.342.645.448.652.457.0
10.0%35.737.539.641.944.647.851.5
10.5%33.535.136.938.941.243.946.9
11.0%31.633.034.536.338.240.543.1
11.5%29.831.132.433.935.737.639.8
12.0%28.329.330.631.933.435.137.0
05 · Monte Carlo

1,000-iteration distribution

σ(WACC) = 1.5pp · σ(g) = 0.5pp

Each iteration perturbs WACC and terminal growth with normal noise, holding FCFs fixed. Iterations where WACC ≤ g are discarded. Result below is per-share.

P5
$29.96
P25
$36.17
Median
$42.14
P75
$51.20
P95
$70.33
$22.88Distribution$197.96

1,000 valid iterations · invalids discarded where r ≤ g