TGM's two-stage DCF values Forrester Research, Inc. (FORR) between $12.87 and $20.45 depending on assumptions, with a base case of $15.52. Growth is taken from the company's own record (5-year revenue CAGR (FCF growth too volatile to use) (floored at 2%)), fading to 2.5% long-run; the discount rate (8.8%) reflects its beta.
What would today's price require?
$11.24 is justified only if free cash flow grows about -6.5% a year (fading to 2.5% long-run) at a 8.8% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 0.5%/yr | 9.8% | $12.87 |
| Base case | 2.0%/yr | 8.8% | $15.52 |
| Optimistic | 5.0%/yr | 7.8% | $20.45 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 6, 2026 · assumptions not provided | $11.82 | |
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
$11.24
Market-Implied Growth
-6.5%/yr
vs -4.2% 5Y actual
Model Scenario Range
$12.87 – $20.45
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 FORR (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 $17.1M · 0.02B shares · net cash $28.3M
Estimated Fair Value
$15.52
+38.0% vs $11.24
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 2.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $11.24; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.8% | $18.73 | $20.22 | $22.04 | $24.35 | $27.35 |
| 7.8% | $15.99 | $16.98 | $18.17 | $19.60 | $21.36 |
| 8.8% | $13.99 | $14.70 | $15.52 | $16.49 | $17.63 |
| 9.8% | $12.48 | $13.00 | $13.60 | $14.29 | $15.08 |
| 10.8% | $11.29 | $11.69 | $12.14 | $12.65 | $13.23 |
