DAVE
Dave Inc.
$228.46
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 41.8% below fair value
You pay
$228.46
Bear
$285.14
Fair
$392.24
Bull
$499.80
Bear
$285.14
+24.8%
7% stage 1 growth, 12% discount
Fair
$392.24
+71.7%
11% stage 1 growth, 12% discount
Bull
$499.80
+118.8%
14% stage 1 growth, 12% discount
Key Value Driver
FCF growth rate (11% base case)
Terminal Value % of EV
35%
Implied Market Multiple
11.5x
Summary
Our base-case estimate uses a two-stage discounted cash flow model based on free cash flow. We then blend that result with the average analyst price target of $339.67 from 11 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $392.24 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