TGM's two-stage DCF values Veeva Systems Inc. (VEEV) between $142.38 and $247.65 depending on assumptions, with a base case of $184.88. 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 (8.8%) reflects its beta.
What would today's price require?
$186.24 is justified only if free cash flow grows about +17.1% a year (fading to 2.5% long-run) at a 8.8% required return — about in line with its track record.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 13.9%/yr | 9.8% | $142.38 |
| Base case | 16.9%/yr | 8.8% | $184.88 |
| Optimistic | 19.9%/yr | 7.8% | $247.65 |
| Third-party model estimate (FMP) | independent reference · retrieved Jul 25, 2026 · assumptions not provided | $141.93 | |
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
$186.24
Market-Implied Growth
+17.1%/yr
vs +17.4% 5Y actual
Model Scenario Range
$142.38 – $247.65
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
$184.88
-0.7% vs $186.24
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 16.9%/yr FCF growth and 10-year horizon fixed. Green = above today's $186.24; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.8% | $228 | $248 | $273 | $304 | $345 |
| 7.8% | $191 | $205 | $221 | $240 | $264 |
| 8.8% | $164 | $174 | $185 | $198 | $213 |
| 9.8% | $144 | $151 | $159 | $168 | $179 |
| 10.8% | $128 | $133 | $140 | $146 | $154 |
