TGM's two-stage DCF values Zebra Technologies Corporation (ZBRA) between $70.62 and $131.84 depending on assumptions, with a base case of $92.60. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth (floored at 2%)), fading to 2.5% long-run; the discount rate (11.5%) reflects its beta.
What would today's price require?
$259.92 is justified only if free cash flow grows about +21.9% a year (fading to 2.5% long-run) at a 11.5% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 0.5%/yr | 12.5% | $70.62 |
| Base case | 2.0%/yr | 11.5% | $92.60 |
| Optimistic | 5.0%/yr | 10.5% | $131.84 |
| Third-party model estimate (FMP) | independent reference · retrieved Jul 26, 2026 · assumptions not provided | $150.19 | |
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
$259.92
Market-Implied Growth
+21.9%/yr
vs -3.8% 5Y actual
Model Scenario Range
$70.62 – $131.84
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 ZBRA (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 $622.0M · 0.05B shares · net debt $2.5B
Estimated Fair Value
$92.60
-64.4% vs $259.92
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 2.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $259.92; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 9.5% | $116 | $124 | $134 | $145 | $158 |
| 10.5% | $97.04 | $103 | $111 | $119 | $128 |
| 11.5% | $81.96 | $87.00 | $92.60 | $98.84 | $106 |
| 12.5% | $69.63 | $73.65 | $78.07 | $82.95 | $88.35 |
| 13.5% | $59.35 | $62.62 | $66.18 | $70.08 | $74.35 |
