TGM's two-stage DCF values NetApp, Inc. (NTAP) between $70.64 and $114.12 depending on assumptions, with a base case of $89.08. 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 (11.3%) reflects its beta.
What would today's price require?
$167.74 is justified only if free cash flow grows about +20.3% a year (fading to 2.5% long-run) at a 11.3% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 1.2%/yr | 12.3% | $70.64 |
| Base case | 4.2%/yr | 11.3% | $89.08 |
| Optimistic | 7.2%/yr | 10.3% | $114.12 |
| Third-party model estimate (FMP) | independent reference · retrieved Jul 26, 2026 · assumptions not provided | $79.23 | |
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
$167.74
Market-Implied Growth
+20.3%/yr
vs +12.5% 5Y actual
Model Scenario Range
$70.64 – $114.12
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
$89.08
-46.9% vs $167.74
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 4.2%/yr FCF growth and 10-year horizon fixed. Green = above today's $167.74; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 9.3% | $104 | $110 | $116 | $124 | $132 |
| 10.3% | $91.91 | $96.14 | $101 | $106 | $113 |
| 11.3% | $82.13 | $85.42 | $89.08 | $93.16 | $97.77 |
| 12.3% | $74.17 | $76.79 | $79.66 | $82.84 | $86.37 |
| 13.3% | $67.57 | $69.69 | $71.99 | $74.52 | $77.29 |
