DJT
Trump Media & Technology Group Corp.
$8.11
Platform & Compounding FCF
80%
Two-stage FCF DCF
Strong
·
Conviction
Overvalued
Trading 106.3% above fair value
You pay
$8.11
Bear
$2.57
Fair
$3.93
Bull
$5.63
Bear
$2.57
-68.3%
12% stage 1 growth, 12% discount
Fair
$3.93
-51.5%
20% stage 1 growth, 12% discount
Bull
$5.63
-30.6%
26% stage 1 growth, 12% discount
Adjust Assumptions
20.0%
12.0%
3.0%
Key Value Driver
FCF growth rate (20% base case)
Terminal Value % of EV
42%
Implied Market Multiple
92.8x
Market is pricing in (growth)
31.8%
vs 20.0% base
Summary
Using a two-stage FCF DCF with 20% growth decelerating over 15 years, discounted at 12%, the base-case intrinsic value is $3.93 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