On 12 Nov 2026 our base value for FactSet is $416.55 a share, 25.6% above its $331.71 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $416.55 | +25.6% | free cash flow $707.48m, growth 6.3% for 5 years, then fading to 3% over 5 more, discounted at 9%; stress floor $258.27 |
| Exit multiple (P/E) | — | — | no exit multiple: the five-year median of 26.9x is 1.6x the 16.9x this name trades at today (limit 1.5x) — the market has re-rated the name, so its own history prices a business it is no longer paid for. The forward PE is not a substitute: it is today's price divided by earnings, and an anchor built from it can only restate the price |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 0.69 (5 years of monthly returns against the S&P 500; standard error 0.22) |
| Peer beta | 1.03 (median of 7 S&P 500 Financial Exchanges & Data companies) |
| Blend of own and peers | 0.79 (70% own, 30% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 0.86 (0.67 × 0.79 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 9.00% |
Free cash flow grows 6.30% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $707.48m | — | — |
| Year 1 | 6.30% | $752.05m | 0.9174 | $689.96m |
| Year 2 | 6.30% | $799.43m | 0.8417 | $672.86m |
| Year 3 | 6.30% | $849.79m | 0.7722 | $656.20m |
| Year 4 | 6.30% | $903.33m | 0.7084 | $639.94m |
| Year 5 | 6.30% | $960.24m | 0.6499 | $624.09m |
| Year 6 | 5.75% | $1.02bn | 0.5963 | $605.48m |
| Year 7 | 5.20% | $1.07bn | 0.5470 | $584.37m |
| Year 8 | 4.65% | $1.12bn | 0.5019 | $561.05m |
| Year 9 | 4.10% | $1.16bn | 0.4604 | $535.83m |
| Year 10 | 3.55% | $1.21bn | 0.4224 | $509.04m |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (9.00% − 3%) | $20.69bn |
| Terminal value in today's money | $8.74bn |
| Present value of years 1–10 | $6.08bn |
| Total present value | $14.82bn |
| Shares outstanding | 35.57m |
| Value per share = total ÷ shares | $416.55 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth 1.3% | Growth 6.3% | Growth 11.3% |
|---|---|---|---|
| 8.00% | $368.47 | — | $682.17 |
| 9.00% | $308.01 | $416.55 | $561.15 |
| 10.00% | $264.78 | $355.15 | — |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 0.69 | 8.23% | — |
| Peer beta | 1.03 | 9.77% | $367.94 |
| Adjusted beta (used) | 0.86 | 9.00% | $416.55 |
The base value is the average of the methods kept in it:
| Method | Value |
|---|---|
| Discounted cash flow | $416.55 |
One method is kept, so the base value is its value: $416.55
Base value $416.55 a share
One-year price simulation: a 10% chance the price is below $189.09 and a 10% chance it is above $574.28 in a year; a 50% chance it is higher than today's $331.71, from 43.12% volatility. The simulation assumes the price drifts up at our discount rate of 9% a year.
At $331.71 the price implies free cash flow growing 2.5% a year for five years and then fading toward 3% over five more; its revenue has grown 6.3%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $266.00 | $352.15 |
| 9 Oct 2026 | $287.18 | $343.66 |
| 16 Oct 2026 | $301.67 | $404.02 |
| 23 Oct 2026 | $331.32 | $409.77 |
| 30 Oct 2026 | $329.57 | $431.07 |
| 6 Nov 2026 | $327.89 | $436.27 |
| 12 Nov 2026 | $331.71 | $416.55 |
Data as of 12 Nov 2026; financials to 31 Aug 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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