WACC
PREDICTABILITY
GROWTH WINDOWS
FCF PROJECTION
SENSITIVITY
PER-YEAR CASH FLOWS
| Year | CF | Discount factor | PV | Cumulative PV |
|---|---|---|---|---|
| 1 | 2.24 | 0.8361 | 1.87 | 1.87 |
| 2 | 2.57 | 0.6991 | 1.80 | 3.67 |
| 3 | 2.96 | 0.5845 | 1.73 | 5.40 |
| 4 | 3.40 | 0.4887 | 1.66 | 7.06 |
| 5 | 3.91 | 0.4086 | 1.60 | 8.65 |
| 6 | 4.50 | 0.3416 | 1.54 | 10.19 |
| 7 | 5.17 | 0.2856 | 1.48 | 11.67 |
| 8 | 5.95 | 0.2388 | 1.42 | 13.09 |
| 9 | 6.84 | 0.1997 | 1.37 | 14.45 |
| 10 | 7.87 | 0.1670 | 1.31 | 15.77 |
| 11 | 8.06 | 0.1396 | 1.13 | 16.89 |
| 12 | 8.26 | 0.1167 | 0.96 | 17.86 |
| 13 | 8.47 | 0.0976 | 0.83 | 18.68 |
| 14 | 8.68 | 0.0816 | 0.71 | 19.39 |
| 15 | 8.90 | 0.0682 | 0.61 | 20.00 |
| 16 | 9.12 | 0.0570 | 0.52 | 20.52 |
| 17 | 9.35 | 0.0477 | 0.45 | 20.97 |
| 18 | 9.58 | 0.0399 | 0.38 | 21.35 |
| 19 | 9.82 | 0.0333 | 0.33 | 21.68 |
| 20 | 10.07 | 0.0279 | 0.28 | 21.96 |
REVERSE DCF
At $205.10, no stage-1 growth rate in [-20%, +50%] produces this price. The market implies growth > 50% — likely a pricing signal (acquisition, bubble, short-term news) rather than a DCF-defensible level.