Overview
Discounted cash flow
Income / accounting-based
Multiples & assets
Scenario
Toolbox
Weighted blend
$72.77
-30.39% vs spot
Sell
Spot price
$104.53
Mkt cap $22.4B
subtle cardAnalyst PT consensus
$101.20
-3.19% vs spot
subtle cardMethods covered
21 / 22
11 in blend
subtle cardFootball field
TROW · fair-value range by method
Method comparison
TROW · fair value by valuation framework
| Method | Category | Fair value | Range | vs spot | Weight | Driver | Conf. |
|---|---|---|---|---|---|---|---|
| DCF · FCFF | dcf | $87.84 | $82.87 – $108.61 | -15.96% | 5.0% | WACC 10.8%, g₀=1.0%, gₗ=2.0% | high |
| DCF · FCFE | dcf | $72.51 | $68.09 – $91.63 | -30.63% | 10.0% | kₑ 11.3%, g₀=1.0%, gₗ=2.0% | high |
| DDM · Gordon | ddm | $58.27 | $52.61 – $65.30 | -44.25% | 10.0% | D₁ 5.31, kₑ 11.3%, gₗ 2.0% | med |
| DDM · H-model | ddm | $55.45 | $52.61 – $71.73 | -46.96% | — | D₀ 5.31, g₀=1.0%, gₗ=2.0%, H 5y | med |
| DDM · multi-stage | ddm | $56.98 | $48.44 – $65.53 | -45.49% | 10.0% | 5y schedule 1.0% → 2.0%, kₑ 11.3% | high |
| Residual income | income | $63.31 | $55.71 – $70.90 | -39.44% | 18.0% | BV 55.98, ROE 17.3% → kₑ | high |
| EVA / MVA | income | $81.37 | $71.61 – $91.13 | -22.16% | 6.0% | IC 9.5B, WACC 10.8% | high |
| Excess returns | income | $69.15 | $60.85 – $77.44 | -33.85% | 12.0% | BV 55.98, ROE 17.3% | high |
| Justified P/E | multiple | $49.76 | $42.30 – $57.23 | -52.39% | 6.0% | Fair P/E 5.4 (payout 55%, kₑ 11.3%, g 1.0%) | med |
| P/E · sector | multiple | $129.50 | $113.96 – $145.04 | +23.89% | 8.0% | EPS 9.25 × peer P/E 14.0 | med |
| Justified P/B | multiple | $88.78 | $75.46 – $102.09 | -15.07% | 10.0% | Fair P/B 1.59 · ROE 17.3%, kₑ 11.3% | high |
| P/S · sector | multiple | $101.93 | $86.64 – $117.22 | -2.49% | — | Rev/sh 33.98 × peer P/S 3.00 | med |
| EV / EBITDA | multiple | $145.38 | $127.93 – $162.82 | +39.08% | — | EBITDA × peer 10.0× − ND -2.5B | high |
| EV / EBIT | multiple | $133.69 | $113.64 – $153.75 | +27.90% | — | EBIT × peer 12.0× − ND | med |
| EV / Sales | multiple | $98.33 | $83.58 – $113.08 | -5.93% | — | Sales × peer 2.55× − ND | med |
| PEG-anchored | multiple | $46.25 | $39.31 – $53.19 | -55.75% | — | PEG=1, fwd EPS g 2.0% | med |
| Earnings power | intrinsic | $83.87 | $73.80 – $93.93 | -19.77% | — | NOPAT / WACC, no growth | med |
| Graham revised | intrinsic | $96.00 | $81.60 – $110.40 | -8.16% | — | EPS×(8.5+2g)·4.4/Y | low |
| Lynch P/E=g | intrinsic | $46.25 | $39.31 – $53.19 | -55.75% | — | PE = g (1.0) | low |
| Book NAV | asset | $55.98 | $53.19 – $58.78 | -46.44% | 5.0% | (Assets − Liabilities) / Shares | high |
| Liquidation | asset | $40.34 | $34.29 – $46.39 | -61.41% | — | Cash 100% + non-cash 70% − Liab. | low |
| Reverse DCF | reverse | — | — | — | — | Implied g 5.9% · Conservative — modest implied growth | high |
Cost-of-capital build-up
CAPM cost of equity, after-tax cost of debt, WACC. Risk-free as of 2026-05-12.
| Risk-free rate (US 10y Treasury)rf | 4.46% |
| Equity beta (1.53)β | × 1.53 |
| Equity risk premiumERP | 4.46% |
| Cost of equity (CAPM)kₑ | 11.29% |
| Pre-tax cost of debtkd | 5.96% |
| Effective tax ratet | 23.0% |
| After-tax cost of debt | 4.59% |
| Equity weight$12.1B | 93.3% |
| Debt weight$0.9B | 6.7% |
| WACC | 10.85% |
Growth assumptions
Blended forward growth used as DCF default; terminal pegged to long-run nominal GDP.
| Analyst forward revenue growthFMP | 2.03% |
| Analyst forward EPS growthFMP | 2.00% |
| Historical 5y revenue CAGRFY | -1.18% |
| Historical 5y EPS CAGRFY | -8.37% |
| Sustainable g (ROE × retention)Δ | 7.83% |
| Blended near-term growth (g₀) | 1.01% |
| Terminal growth (gₗ) | 2.00% |
Sources
- FMP /analyst-estimates— 8 rows(as of 2022-12-30)
- Treasury rates · 10y— 4.46% rf(as of 2026-05-12)
- market_risk_premium · DB— 4.46% ERP(as of 2026-05-13)
- Sector multiple defaults— Financial Services (live sector PE unavailable)
- FMP /price-target-consensus— mean $101.20
This page is generated by a quantitative valuation engine for research purposes only and does not constitute investment advice. Methodology follows standard CFA / Damodaran frameworks; assumptions are driven by analyst consensus from Financial Modeling Prep and reported financial statements.