TGM's two-stage DCF values Icahn Enterprises L.P. (IEP) between $11.67 and $26.48 depending on assumptions, with a base case of $17.44. Growth is taken from the company's own record (5-year revenue CAGR), fading to 2.5% long-run; the discount rate (7.8%) reflects its beta.
What would today's price require?
$6.65 is justified only if free cash flow grows about -8.2% a year (fading to 2.5% long-run) at a 7.8% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 4.1%/yr | 8.8% | $11.67 |
| Base case | 7.1%/yr | 7.8% | $17.44 |
| Optimistic | 10.1%/yr | 6.8% | $26.48 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 6, 2026 · assumptions not provided | $7.97 | |
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
$6.65
Market-Implied Growth
-8.2%/yr
vs +7.1% 5Y actual
Model Scenario Range
$11.67 – $26.48
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 IEP (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 $634.5M · 0.67B shares · net debt $3.2B
Estimated Fair Value
$17.44
+162.3% vs $6.65
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 7.1%/yr FCF growth and 10-year horizon fixed. Green = above today's $6.65; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 5.8% | $23.71 | $26.97 | $31.22 | $36.97 | $45.23 |
| 6.8% | $18.22 | $20.24 | $22.72 | $25.86 | $29.95 |
| 7.8% | $14.47 | $15.83 | $17.44 | $19.39 | $21.79 |
| 8.8% | $11.76 | $12.72 | $13.84 | $15.15 | $16.71 |
| 9.8% | $9.70 | $10.42 | $11.23 | $12.16 | $13.24 |
