Fair Value / DCF

Three transparent methods, side by side — the Graham Number, a growth-justified earnings multiple, and a 2-stage DCF (we grow free cash flow 5 years, discount it back to today, add a terminal value). The headline is the median of the two forward-looking methods.

A large gap to the price is a prompt to ask *why* — cheap for a reason, or genuinely mispriced? It's an input to your own view, never a trigger; the spread between the three methods shows how shaky the estimate is.

"fair value $X · {upside}% vs price" with a verdict from significantly-undervalued to significantly-overvalued. The wider the three methods disagree, the less you should trust the single number.

verdict bands are ±10% = fairly valued, 10–30% = modest, beyond 30% = significant (under or over).

A DCF is only as honest as its assumptions — small changes in the growth or discount rate swing it a lot, which is exactly why we show all three methods and the assumptions, not one hero number. **Not meaningful for banks or unprofitable companies — we mark those n/a** rather than print a misleading figure. ---