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Breakdown · V

Visa

WACC
FCF PROJECTION
SENSITIVITY
PER-YEAR CASH FLOWS
Year CF Discount factor PV Cumulative PV
1 12.48 0.9165 11.44 11.44
2 13.29 0.8400 11.16 22.61
3 14.15 0.7699 10.89 33.50
4 15.07 0.7056 10.63 44.13
5 16.04 0.6467 10.37 54.51
6 17.08 0.5927 10.12 64.63
7 18.18 0.5433 9.88 74.51
8 19.36 0.4979 9.64 84.14
9 20.61 0.4563 9.41 93.55
10 21.94 0.4182 9.18 102.73
11 22.49 0.3833 8.62 111.35
12 23.05 0.3513 8.10 119.45
13 23.63 0.3220 7.61 127.06
14 24.22 0.2951 7.15 134.21
15 24.83 0.2705 6.72 140.92
16 25.45 0.2479 6.31 147.23
17 26.08 0.2272 5.93 153.16
18 26.74 0.2082 5.57 158.72
19 27.40 0.1909 5.23 163.95
20 28.09 0.1749 4.91 168.87
REVERSE DCF

At $323.57, the market implies a stage-1 growth rate of 16.0%.

MARKET IMPLIES
16.0%
YOUR ASSUMPTION
6.5%
DELTA
+9.6pp

If $323.57 is correct and your other inputs (WACC 9.1%, 10+10y, terminal 2.5%) hold, the market needs V to grow cash flow at 16.0% annually for the next 10 years.