Fair value

Fair value is the calculated midpoint and the report's single house estimate of intrinsic per-share value. Accepted valuation lenses can include an SBC-adjusted discounted-earnings model, a five-year forward-earnings model, an owner-earnings floor where applicable, and sector-specific cross-checks. Their weights are archetype-specific: financials lean on residual income; capital-intensive businesses lean on EV/EBITDA; hyper-growth names lean on forward earnings with restrained terminal multiples. Potential value is the calculated high endpoint and is labelled separately. The low endpoint remains internal. The dedicated bear-case section owns its own downside scenario and does not create another house fair value.