This is what happens when finishing an article at Friday night, and copying broken Excel cell without thinking, sigh... Thanks so much for the correction!
The 12% margin of safety math is clean. The harder question is whether the terminal value assumptions hold if AI monetisation takes longer than the model expects — 67% of value in the terminal period is a lot of weight on a thesis that hasn't fully proven out yet.
Thanks for the read!
I believe the average price you put in the disclosure (280$) is not correct! (Or at least not coherent with your portfolio article 😉)
Thank you Alex!
This is what happens when finishing an article at Friday night, and copying broken Excel cell without thinking, sigh... Thanks so much for the correction!
My price target is 525 here, but that is based on average of DCF + EBITDA exit. DCF itself also shows more grounded 430.
The 12% margin of safety math is clean. The harder question is whether the terminal value assumptions hold if AI monetisation takes longer than the model expects — 67% of value in the terminal period is a lot of weight on a thesis that hasn't fully proven out yet.