BULL
Webull Corporation Class A Ordinary Shares
$5.90
Platform & Compounding FCF
80%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 80.3% below fair value
You pay
$5.90
Bear
$20.30
Fair
$29.88
Bull
$40.22
Bear
$20.30
+244.0%
8% stage 1 growth, 11% discount
Fair
$29.88
+406.4%
14% stage 1 growth, 11% discount
Bull
$40.22
+581.7%
18% stage 1 growth, 11% discount
Adjust Assumptions
13.7%
11.0%
3.0%
Key Value Driver
FCF growth rate (14% base case)
Terminal Value % of EV
42%
Implied Market Multiple
4.5x
Market is pricing in (growth)
-12.7%
vs 13.7% base
Summary
Using a two-stage FCF DCF with 14% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $29.88 per share.
Warnings
Stock-based employee pay equals 177% of profits. This dilutes existing shareholders, so cash flow alone overstates what owners really earn.
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