TGM's two-stage DCF values Veeva Systems Inc. (VEEV) between $141.71 and $247.77 depending on assumptions, with a base case of $184.40. 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 (8.7%) reflects its beta.
What would today's price require?
$264.84 is justified only if free cash flow grows about +26.1% a year (fading to 2.5% long-run) at a 8.7% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 13.4%/yr | 9.7% | $141.71 |
| Base case | 16.4%/yr | 8.7% | $184.40 |
| Optimistic | 19.4%/yr | 7.7% | $247.77 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 8, 2026 · assumptions not provided | $134.65 | |
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
$264.84
Market-Implied Growth
+26.1%/yr
vs +17.0% 5Y actual
Model Scenario Range
$141.71 – $247.77
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 VEEV (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 $977.3M · 0.16B shares · net cash $1.4B
Estimated Fair Value
$184.40
-30.4% vs $264.84
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 16.4%/yr FCF growth and 10-year horizon fixed. Green = above today's $264.84; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.7% | $228 | $249 | $274 | $306 | $349 |
| 7.7% | $191 | $204 | $221 | $240 | $265 |
| 8.7% | $164 | $173 | $184 | $198 | $213 |
| 9.7% | $143 | $150 | $158 | $168 | $178 |
| 10.7% | $127 | $133 | $139 | $146 | $153 |
