DSP
Viant Technology Inc.
$11.19
Platform & Compounding FCF
85%
Two-stage FCF DCF
Moderate
·
Conviction
Fair Value
Trading 16.9% below fair value
You pay
$11.19
Bear
$10.84
Fair
$13.46
Bull
$15.98
Bear
$10.84
-3.1%
6% stage 1 growth, 11% discount
Fair
$13.46
+20.3%
9% stage 1 growth, 11% discount
Bull
$15.98
+42.8%
12% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (9% base case)
Terminal Value % of EV
38%
Implied Market Multiple
17.1x
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 $15.50 from 13 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $13.46 per share.
Warnings
Stock-based employee pay equals 103% 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