TGM's two-stage DCF values EPAM Systems, Inc. (EPAM) between $154.11 and $235.69 depending on assumptions, with a base case of $188.50. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth), fading to 2.5% long-run; the discount rate (10.9%) reflects its beta.
What would today's price require?
$117.91 is justified only if free cash flow grows about -4.2% a year (fading to 2.5% long-run) at a 10.9% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 6.7%/yr | 11.9% | $154.11 |
| Base case | 9.7%/yr | 10.9% | $188.50 |
| Optimistic | 12.7%/yr | 9.9% | $235.69 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 11, 2026 · assumptions not provided | $155.55 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$117.91
Market-Implied Growth
-4.2%/yr
vs +6.4% 5Y actual
Model Scenario Range
$154.11 – $235.69
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for EPAM (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $530.6M · 0.05B shares · net cash $1.2B
Estimated Fair Value
$188.50
+59.9% vs $117.91
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 9.7%/yr FCF growth and 10-year horizon fixed. Green = above today's $117.91; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 8.9% | $218 | $229 | $243 | $258 | $276 |
| 9.9% | $194 | $202 | $212 | $223 | $235 |
| 10.9% | $175 | $181 | $189 | $197 | $206 |
| 11.9% | $159 | $165 | $170 | $176 | $183 |
| 12.9% | $147 | $151 | $155 | $160 | $166 |
