A fair value you cannot interrogate is an assertion. So every report here exposes its valuation as a working model rather than a conclusion: the assumptions are controls, and the value per share recomputes as you move them. Disagree with the growth rate, the margin or the discount rate, put your own number in, and see what your view is worth. The methodology sets out how each type is built.
Ranges shown are the fair value published with each report, estimated under our own assumptions — not price targets and not forecasts. The model behind each one is what the link opens, and its defaults are the report's own case.
Unlevered DCF discounts free cash flow to the enterprise and deducts net debt to reach equity. It carries seven names here, and the controls are the ones that matter: base-year revenue, the five-year growth rate, terminal margin, D&A and capex, the discount rate, terminal growth and the diluted share count.
FCFE values the equity directly, which is the honest way to handle a balance-sheet business where debt is raw material rather than financing. It is used on Pagaya.
Stabilised NOI capitalises the income a completed asset base should produce and discounts it back, which suits a landlord rather than an operating company. It is used on Applied Digital.
Unlevered DCF in J-curve form is the same arithmetic stretched over an explicit nine years, with an operating-cost line separate from gross profit and an exit multiple instead of a perpetuity. It exists because the constant-margin five-year form cannot represent a company whose free cash flow is negative for six years: the terminal leg gets struck on a loss-making year and the answer is either wrong or degenerate. It is used on Firefly, where it also blends the cash flows with a peer multiple and a revaluation at sector rates, because the cash-flow method alone cannot reproduce the market price of any comparable in that sector and we would rather show you all three numbers than pick one quietly.
Unlevered DCF with a float leg runs ten explicit years and adds the change in deferred revenue as a cash flow in its own right, because a company whose customers pay years in advance is partly financed by them. Ignoring that is how a naive model concludes a business is burning cash when its bank balance is rising. It is used on Planet Labs, where prepayment is the reason first-half operating cash flow was five times adjusted EBITDA, and where the terminal float rate is exposed as a control rather than buried.
These models are published for information and education. They are not financial advice. Any value they produce is an output of the assumptions you feed them, including ours — not a price target, not a forecast, and not a fact about the company. That is precisely why the assumptions ship with them. The terms say the same thing at greater length.