TGM's two-stage DCF values EPAM Systems, Inc. (EPAM) between $177.21 and $271.57 depending on assumptions, with a base case of $217.16. Growth is taken from the company's own record (5-year revenue CAGR (FCF growth too volatile to use)), fading to 2.5% long-run; the discount rate (11.2%) reflects its beta.
What would today's price require?
$106.89 is justified only if free cash flow grows about -6.5% a year (fading to 2.5% long-run) at a 11.2% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 11.8%/yr | 12.2% | $177.21 |
| Base case | 14.8%/yr | 11.2% | $217.16 |
| Optimistic | 17.8%/yr | 10.2% | $271.57 |
| Third-party model estimate (FMP) | independent reference · retrieved Jul 30, 2026 · assumptions not provided | $156.05 | |
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
$106.89
Market-Implied Growth
-6.5%/yr
vs +4.2% 5Y actual
Model Scenario Range
$177.21 – $271.57
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
$217.16
+103.2% vs $106.89
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 14.8%/yr FCF growth and 10-year horizon fixed. Green = above today's $106.89; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 9.2% | $252 | $265 | $280 | $297 | $317 |
| 10.2% | $224 | $233 | $244 | $257 | $271 |
| 11.2% | $201 | $209 | $217 | $227 | $237 |
| 12.2% | $183 | $189 | $196 | $203 | $211 |
| 13.2% | $168 | $173 | $178 | $184 | $190 |
