§ Methodology terms
Bull case
Glossary version 2026-07-12.v1 · reviewed July 12, 2026
bull scenario
A favorable scenario in which important operating drivers perform better than the central case. It must state the assumptions and evidence that would produce the stronger outcome.
The Bull case describes a favorable but plausible path for demand, margins, cash generation, or valuation conditions. It is not simply a higher price: the report must explain what changes in the business and how that change reaches per-share value. The Bull path is shown separately from the house Fair value so readers can distinguish upside conditions from the central conclusion.