§ Methodology terms
Base case
Glossary version 2026-07-12.v1 · reviewed July 12, 2026
base scenario
The central operating scenario built from the most defensible assumptions available at the analysis date. It is a forecast path, not a guarantee.
The Base case is the central scenario for revenue, margins, cash generation, and other operating drivers. It should reconcile reported facts, forward evidence, and reasonable industry assumptions without automatically copying management or consensus. The house Fair value may draw on several models, so the Base scenario is an input path rather than a competing public valuation conclusion.