BRKRP
Bruker Corporation
$449.29
Platform & Compounding FCF
50%
Two-stage FCF DCF
Strong
·
Conviction
Overvalued
Trading 3739.2% above fair value
You pay
$449.29
Bear
$4.94
Fair
$11.70
Bull
$18.61
Bear
$4.94
-98.9%
7% stage 1 growth, 11% discount
Fair
$11.70
-97.4%
12% stage 1 growth, 11% discount
Bull
$18.61
-95.9%
15% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (12% base case)
Terminal Value % of EV
40%
Implied Market Multiple
482.2x
Market is pricing in (growth)
52.7%
vs 11.6% base
Summary
Using a two-stage FCF DCF with 12% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $11.70 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions