TGM's two-stage DCF values Salesforce, Inc. (CRM) between $216.67 and $374.07 depending on assumptions, with a base case of $281.76. 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 (9.8%) reflects its beta.
What would today's price require?
$249.12 is justified only if free cash flow grows about +10.3% a year (fading to 2.5% long-run) at a 9.8% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 10.3%/yr | 10.8% | $216.67 |
| Base case | 13.3%/yr | 9.8% | $281.76 |
| Optimistic | 16.3%/yr | 8.8% | $374.07 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 9, 2026 · assumptions not provided | $226.42 | |
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
$249.12
Market-Implied Growth
+10.3%/yr
vs +22.6% 5Y actual
Model Scenario Range
$216.67 – $374.07
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 CRM (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 $11.0B · 0.82B shares · net debt $7.1B
Estimated Fair Value
$281.76
+13.1% vs $249.12
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 13.3%/yr FCF growth and 10-year horizon fixed. Green = above today's $249.12; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 7.8% | $343 | $368 | $399 | $435 | $480 |
| 8.8% | $292 | $310 | $331 | $355 | $385 |
| 9.8% | $253 | $266 | $282 | $299 | $320 |
| 10.8% | $223 | $233 | $245 | $258 | $272 |
| 11.8% | $199 | $207 | $216 | $225 | $237 |
