TGM's two-stage DCF values NetApp, Inc. (NTAP) between $76.00 and $123.25 depending on assumptions, with a base case of $96.01. 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 (11.2%) reflects its beta.
What would today's price require?
$184.74 is justified only if free cash flow grows about +22.6% a year (fading to 2.5% long-run) at a 11.2% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 2.8%/yr | 12.2% | $76.00 |
| Base case | 5.8%/yr | 11.2% | $96.01 |
| Optimistic | 8.8%/yr | 10.2% | $123.25 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 9, 2026 · assumptions not provided | $78.02 | |
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
$184.74
Market-Implied Growth
+22.6%/yr
vs +7.0% 5Y actual
Model Scenario Range
$76.00 – $123.25
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 NTAP (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 $1.4B · 0.20B shares · net debt $417.0M
Estimated Fair Value
$96.01
-48.0% vs $184.74
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 5.8%/yr FCF growth and 10-year horizon fixed. Green = above today's $184.74; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 9.2% | $113 | $119 | $126 | $134 | $144 |
| 10.2% | $99.10 | $104 | $109 | $115 | $122 |
| 11.2% | $88.36 | $91.98 | $96.01 | $101 | $106 |
| 12.2% | $79.63 | $82.51 | $85.67 | $89.17 | $93.06 |
| 13.2% | $72.41 | $74.74 | $77.27 | $80.04 | $83.09 |
