DV
DoubleVerify Holdings, Inc.
$13.48
Platform & Compounding FCF
85%
Two-stage FCF DCF
Mild
·
Conviction
Overvalued
Trading 2.4% above fair value
You pay
$13.48
Bear
$10.44
Fair
$13.17
Bull
$15.75
Bear
$10.44
-22.6%
5% stage 1 growth, 11% discount
Fair
$13.17
-2.3%
9% stage 1 growth, 11% discount
Bull
$15.75
+16.9%
11% stage 1 growth, 11% discount
Adjust Assumptions
8.6%
11.0%
3.0%
Key Value Driver
FCF growth rate (9% base case)
Terminal Value % of EV
38%
Implied Market Multiple
20.0x
Market is pricing in (growth)
9.0%
vs 8.6% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (34 analysts)
$13.47
Divergence from AlphaVal
2%
Summary
Using a two-stage FCF DCF with 9% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $13.17 per share.
Warnings
Stock-based employee pay equals 206% 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