Interactive tool
DCF calculator
Model the fair value of every stock EllTec Analysis covers with a discounted cash flow model: change growth, discount rate and terminal growth and see the result, the scenarios and the sensitivity at once.
Adobe
Defaults from stockanalysis.com as of Oct 29, 2026: FCF yield 11.1 %, WACC 11.4 %, analyst growth forecasts revenue 9.9 %, EPS 14.2 %.
Fair value per share
467.11 USD
Share price: 248.12 USD
+88 %
below the fair value: undervalued under these assumptions
Projected free cash flow per share and its value today
Where the value comes from
- Years 1-10: 244.89 USD (52 %)
- Terminal value (after year 10): 225.15 USD (48 %)
- Net debt: −2.93 USD
Scenarios: likely range
| FCF growth p.a. | WACC | Terminal | Fair value per share | |
|---|---|---|---|---|
| Pessimistic | 6.4 % | 12.4 % | 2.0 % | 336.76 USD |
| Base case | 9.9 % | 11.4 % | 2.5 % | 467.11 USD |
| Optimistic | 13.4 % | 10.4 % | 3.0 % | 671.91 USD |
Range Base case Share price
Pessimistic and optimistic change growth (about ±⅓), discount rate (±1 point) and terminal growth (±0.5 points) from your current inputs.
Sensitivity: fair value by discount rate and terminal growth
| WACC ↓ · g → | 1.5 % | 2.0 % | 2.5 % | 3.0 % | 3.5 % |
|---|---|---|---|---|---|
| 9.4 % | 558 | 584 | 615 | 650 | 691 |
| 10.4 % | 489 | 509 | 531 | 557 | 586 |
| 11.4 % | 435 | 450 | 467 | 486 | 507 |
| 12.4 % | 391 | 403 | 416 | 430 | 446 |
| 13.4 % | 355 | 364 | 374 | 385 | 398 |
Green: above the share price, red: below it. The highlighted cell is your current input.
How the model works
The free cash flow per share grows for five years at the chosen rate; in years 6 to 10 the growth moves in a straight line to the terminal rate. After year 10 the terminal value assumes growth at the terminal rate forever: cash flow in year 11 ÷ (discount rate − terminal growth).
Every amount is discounted to today: value today = cash flow ÷ (1 + discount rate)^year. The sum is the value of the business per share; net debt is deducted (net cash added) to get the fair value per share.
The discount rate is the return investors require for the risk (weighted average cost of capital). A higher rate means a lower value. The terminal value often makes up 60 to 80 % of the result, which is why small changes to terminal growth or the discount rate move the fair value so much.
A model, not a forecast: the result depends entirely on the assumptions. Not investment advice.