VIK
Viking Holdings Ltd
$84.23
Platform & Compounding FCF
50%
Two-stage FCF DCF
Moderate
·
Conviction
Fair Value
Trading 21.4% below fair value
You pay
$84.23
Bear
$57.67
Fair
$107.11
Bull
$168.81
Bear
$57.67
-31.5%
12% stage 1 growth, 12% discount
Fair
$107.11
+27.2%
20% stage 1 growth, 12% discount
Bull
$168.81
+100.4%
26% stage 1 growth, 12% discount
Key Value Driver
FCF growth rate (20% base case)
Terminal Value % of EV
42%
Implied Market Multiple
30.2x
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 $93.00 from 14 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $107.11 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