SIG
SIG
Accumulate 2026-04-01
Model
DCF
Price at Report
$84.64
Base IV
$138.94
Bear IV
$87.62
Bull IV
$199.67
Entry Zone: 92-128 · Sell Above: 170
Bore Family Office
Valuation Report — Signet Jewelers Limited (SIG) • April 1, 2026
Unlevered DCF (FCFF @ WACC) • Discount Rate: 12.20% • Current Price: $84.64
Prepared by Lurch • Bore Family Office • Data: Finnhub, StockAnalysis.com, S&P Global Market Intelligence
🏢 Business Overview
Signet Jewelers is the world's largest jewelry retailer, operating ~2,800 stores across three banners: Zales, Kay Jewelers, and Jared in the US; H.Samuel and Ernest Jones in the UK; and Peoples in Canada. The company holds ~14% of the $48B US jewelry market and is transitioning from a traditional mall-based model to an omnichannel "Accessible Luxury" strategy, emphasizing digital sales (now ~20% of revenue), higher-end bridal merchandise, and personalized customer services.
SIG completed a major balance sheet transformation: it exited its in-house credit business (sold to Genesis Financial Solutions in 2022), acquired e-commerce jeweler Blue Nile, and repurchased ~$2.9B in shares since 2019 — reducing diluted share count from ~49M to ~40M. The company operates in a structurally growing category (jewelry consumption grows with wealth), though near-term revenue has been pressured by the discretionary spending slowdown and lab-grown diamond price normalization.
| Business Segment | Revenue | % of Total | YoY Growth | Margin | Notes |
|---|---|---|---|---|---|
| North America (Kay/Zales/Jared) | $5,640M | 83% | +2.0% | — | Core US retail — bridal recovery, omnichannel build-out |
| International (UK/Canada) | $700M | 10% | +0.0% | — | Mature markets; modest growth; FX headwind |
| Digital/E-commerce (Blue Nile) | $474M | 7% | +12.0% | — | Online pure-play; faster growth; margin expansion opportunity |
| Blended Growth Rate | — | 100% | +2.5% | — | Weighted avg across segments |
🔍 Quality Scorecard
| Metric | Value | Assessment |
|---|---|---|
| ROIC | 8.2% | 8–12% adequate |
| FCF Margin | 7.7% | 5–10% adequate |
| Debt / EBITDA | 2.2x | 2–4x moderate |
| Revenue Trend | Mixed | 3-year directional trend |
| FCF Margin Trend | Expanding | Directional margin trajectory |
| Analyst Revisions | Upward revisions | Last 90 days consensus direction |
✅ Quality profile supports the valuation
📊 Financial Snapshot
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue ($M) | $7,826 | $7,842 | $7,171 | $6,704 | $6,814 |
| Rev YoY Growth | — | +0.2% | -8.6% | -6.5% | +1.6% |
| Gross Margin | 39.9% | 38.9% | 39.4% | 39.2% | 39.6% |
| EBITDA ($M) | $1,067 | $769 | $783 | $259 | $541 |
| EBITDA Margin | 13.6% | 9.8% | 10.9% | 3.9% | 7.9% |
| Operating Income ($M) | $903 | $605 | $622 | $111 | $393 |
| Operating Margin | 11.5% | 7.7% | 8.7% | 1.7% | 5.8% |
| Net Income ($M) | $735 | $342 | $776 | $-36 | $294 |
| Net Margin | 9.4% | 4.4% | 10.8% | -0.5% | 4.3% |
| EPS (diluted) | $122.20 | $66.40 | $150.10 | $-8.10 | $70.80 |
| Free Cash Flow ($M) | $1,128 | $659 | $421 | $438 | $525 |
| Annual DPS | $0.540 | $0.800 | $0.920 | $1.160 | $1.280 |
| Total Debt ($M) | $1,452 | $1,330 | $1,244 | $1,180 | $1,217 |
💹 Capital Return & Share Count Analysis
Net Share Change
-19.0% (2022→2026)
📉 Net reduction — buybacks exceed issuances
EPS Amplification
EPS grew -42.1% vs net income -60.0% over the period — +17.9pp of EPS growth amplified by share reduction.
| Year | Diluted Shares (M) | YoY Change | Buyback Spend ($M) | Buyback Yield |
|---|---|---|---|---|
| 2022 | 49.9M | — | $312 | 7.4% |
| 2023 | 44.9M | -10.0% | $376 | 9.9% |
| 2024 | 44.2M | -1.6% | $139 | 3.7% |
| 2025 | 43.2M | -2.3% | $138 | 3.8% |
| 2026 | 40.4M | -6.5% | $205 | 6.0% |
SIG has been one of the most aggressive buyers of its own stock — reducing diluted share count by ~19% from 49.9M (FY2022) to 40.4M (FY2026) through sustained buybacks. Additionally, SIG repurchased all preferred stock ($813.8M in FY2025), further cleaning the capital structure. Buybacks are self-funded from FCF; no incremental debt used. EPS is dramatically amplified: net income grew 0% but EPS grew substantially due to share count reduction.
📈 DCF Scenarios
$88
🔴 Bear
$139
📊 Base
$200
🚀 Bull
$84.64
Current Price
$111
Analyst Avg PT
| Scenario | Stage 1 (Yrs 1–5) | Stage 2 (Yrs 6–10) | Terminal g | WACC | Intrinsic Value | vs Price |
|---|---|---|---|---|---|---|
| 🔴 Bear | -3.0% | 1.0% | 1.5% | 12.20% | $88 | ▲3.5% |
| 📊 Base | 4.0% | 3.0% | 1.8% | 12.20% | $139 | ▲64.2% |
| 🚀 Bull | 8.0% | 5.0% | 2.2% | 12.20% | $200 | ▲135.9% |
📋 Full 10-Year Projection Tables
Bear Scenario
Stage 1: -3.0% | Stage 2: 1.0% | Terminal: 1.5%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $0.46B | $0.41B | $0.41B |
| Year 2 ✦ | Stage 1 | $0.44B | $0.35B | $0.76B |
| Year 3 ✦ | Stage 1 | $0.43B | $0.30B | $1.06B |
| Year 4 ✦ | Stage 1 | $0.43B | $0.27B | $1.34B |
| Year 5 ✦ | Stage 1 | $0.44B | $0.25B | $1.58B |
| Year 6 | Stage 2 | $0.44B | $0.22B | $1.81B |
| Year 7 | Stage 2 | $0.45B | $0.20B | $2.01B |
| Year 8 | Stage 2 | $0.45B | $0.18B | $2.19B |
| Year 9 | Stage 2 | $0.46B | $0.16B | $2.35B |
| Year 10 | Stage 2 | $0.46B | $0.15B | $2.50B |
| Terminal | — | TV=$4.4B | PV(TV)=$1.4B (36% of EV) | EV=$3.9B |
| Intrinsic Value | — | — | EV $3.9B − Net Debt → Equity / Shares | $88 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (12.20%) to get its present value. After Year 10, FCF grows at the terminal rate (1.5%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $4.4B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $1.4B). Enterprise Value = PV of FCFs ($2.5B) + PV of TV ($1.4B) = $3.9B. Subtracting net debt gives equity value of $3.5B, divided by shares outstanding = $88 per share.
Base Scenario
Stage 1: 4.0% | Stage 2: 3.0% | Terminal: 1.8%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $0.51B | $0.45B | $0.45B |
| Year 2 ✦ | Stage 1 | $0.55B | $0.44B | $0.89B |
| Year 3 ✦ | Stage 1 | $0.59B | $0.42B | $1.31B |
| Year 4 ✦ | Stage 1 | $0.63B | $0.40B | $1.71B |
| Year 5 ✦ | Stage 1 | $0.67B | $0.38B | $2.08B |
| Year 6 | Stage 2 | $0.69B | $0.35B | $2.43B |
| Year 7 | Stage 2 | $0.71B | $0.32B | $2.75B |
| Year 8 | Stage 2 | $0.73B | $0.29B | $3.04B |
| Year 9 | Stage 2 | $0.75B | $0.27B | $3.31B |
| Year 10 | Stage 2 | $0.78B | $0.25B | $3.55B |
| Terminal | — | TV=$7.6B | PV(TV)=$2.4B (40% of EV) | EV=$6.0B |
| Intrinsic Value | — | — | EV $6.0B − Net Debt → Equity / Shares | $139 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (12.20%) to get its present value. After Year 10, FCF grows at the terminal rate (1.8%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $7.6B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $2.4B). Enterprise Value = PV of FCFs ($3.6B) + PV of TV ($2.4B) = $6.0B. Subtracting net debt gives equity value of $5.6B, divided by shares outstanding = $139 per share.
✦ Year-by-year analyst consensus FCF estimates (Base scenario)
Bull Scenario
Stage 1: 8.0% | Stage 2: 5.0% | Terminal: 2.2%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $0.57B | $0.51B | $0.51B |
| Year 2 ✦ | Stage 1 | $0.64B | $0.51B | $1.02B |
| Year 3 ✦ | Stage 1 | $0.72B | $0.51B | $1.53B |
| Year 4 ✦ | Stage 1 | $0.81B | $0.51B | $2.04B |
| Year 5 ✦ | Stage 1 | $0.91B | $0.51B | $2.55B |
| Year 6 | Stage 2 | $0.96B | $0.48B | $3.03B |
| Year 7 | Stage 2 | $1.00B | $0.45B | $3.48B |
| Year 8 | Stage 2 | $1.05B | $0.42B | $3.90B |
| Year 9 | Stage 2 | $1.11B | $0.39B | $4.29B |
| Year 10 | Stage 2 | $1.16B | $0.37B | $4.66B |
| Terminal | — | TV=$11.9B | PV(TV)=$3.8B (45% of EV) | EV=$8.4B |
| Intrinsic Value | — | — | EV $8.4B − Net Debt → Equity / Shares | $200 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (12.20%) to get its present value. After Year 10, FCF grows at the terminal rate (2.2%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $11.9B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $3.8B). Enterprise Value = PV of FCFs ($4.7B) + PV of TV ($3.8B) = $8.4B. Subtracting net debt gives equity value of $8.1B, divided by shares outstanding = $200 per share.
🔲 Sensitivity Table
| WACC \ gT | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 10.2% | $155 | $160 | $166 | $173 | $180 |
| 10.7% | $146 | $151 | $155 | $161 | $167 |
| 11.2% | $138 | $142 | $146 | $150 | $156 |
| 11.7% | $130 | $134 | $137 | $141 | $146 |
| 12.2% | $124 | $127 | $130 | $133 | $137 |
| 12.7% | $118 | $120 | $123 | $126 | $129 |
| 13.2% | $112 | $114 | $116 | $119 | $122 |
| 13.7% | $107 | $109 | $111 | $113 | $116 |
| 14.2% | $102 | $104 | $106 | $108 | $110 |
Green = >10% above current price. Red = >10% below. Gold = within ±10%.
📉 Long-Term Price Trend Channel
Log-linear trend fitted to full price history. ±1.5σ bands. Green shaded zone = bottom 25% of historical range — historically attractive entry.
🏦 Comparable Valuation
| Company | Ticker | P/FCF | EV/EBITDA | Div Yield | Note |
|---|---|---|---|---|---|
| Signet Jewelers | SIG | 6.1× | 6.8× | 1.5% | Current — deep value |
| Tapestry | TPR | 12.5× | 9.2× | 2.8% | Accessible luxury |
| Capri Holdings | CPRI | 11.2× | 8.4× | 0.0% | Versace/Michael Kors |
| PVH Corp | PVH | 8.3× | 7.1× | 0.1% | Calvin Klein/Tommy |
| Tiffany (LVMH) | — | N/A | 14.5× | — | Luxury jewelry benchmark |
| SIG 5-yr avg | — | 9.0× | 8.5× | 1.0% | Own history |
💰 Dividend / Distribution Analysis
| Metric | Value |
|---|---|
| Annual DPS | $1.280 |
| Current Yield | 1.51% |
| Consecutive Growth Years | 5 |
| 1-yr DPS CAGR | +10.3% |
| 3-yr DPS CAGR | +13.7% |
| 5-yr DPS CAGR | +19.0% |
| 10-yr DPS CAGR | — |
| Payout Ratio (DPS/EPS) | N/M (negative earnings) |
| FCF Payout Ratio | 1.0% |
| Sustainability Verdict | Safe |
SIG dividend is trivially covered — $1.28 DPS on ~$13 FCF/share (10% payout). The primary capital return mechanism is buybacks (~$200M/year) not dividends. Dividend growth of 19% CAGR over 5 years signals confidence; but dividend yield of 1.5% is not the investment thesis. FCF yield (15%+) is the compelling figure, not dividend yield.
🔮 Analyst Forecast Section
(a) EPS Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2022 | $122.20 | — | — | — | Actual |
| 2023 | $66.40 | — | — | — | Actual |
| 2024 | $150.10 | — | — | — | Actual |
| 2025 | $-8.10 | — | — | — | Actual |
| 2026 | $70.80 | — | — | — | Actual |
| 2027 | $9.46 | $10.61 | $11.70 | 11 | Estimate |
| 2028 | $9.89 | $12.14 | $15.75 | 9 | Estimate |
(b) Revenue Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2022 | $7.8B | — | — | — | Actual |
| 2023 | $7.8B | — | — | — | Actual |
| 2024 | $7.2B | — | — | — | Actual |
| 2025 | $6.7B | — | — | — | Actual |
| 2026 | $6.8B | — | — | — | Actual |
| 2027 | $6.7B | $7.0B | $7.3B | 11 | Estimate |
| 2028 | $6.7B | $7.1B | $7.5B | 9 | Estimate |
(c) Individual Analyst Price Targets
| Analyst | Firm | Rating | PT | Upside |
|---|---|---|---|---|
| Analyst 2 | Jefferies | Strong Buy | $150 | +77.2% |
| Mauricio Serna | UBS | Strong Buy | $126 | +48.9% |
| Ike Boruchow | Wells Fargo | Hold | $100 | +18.1% |
| Dana Telsey | Telsey Advisory | Hold | $96 | +13.4% |
(d) Earnings Surprise History
| Quarter | EPS Act vs Est | EPS Beat/Miss | Rev Act vs Est | Rev Beat/Miss | Guidance |
|---|---|---|---|---|---|
| Q3 FY2026 (Nov 2025) | $26.30 vs $19.80 | +$6.50 ✅ | $1.6B vs $1.6B | +$0.1B ✅ | Raised FY outlook |
| Q2 FY2026 (Aug 2025) | $19.90 vs $17.30 | +$2.60 ✅ | $1.7B vs $1.7B | +$0.0B ✅ | Maintained |
| Q1 FY2026 (May 2025) | $13.40 vs $11.90 | +$1.50 ✅ | $1.5B vs $1.5B | +$0.0B ✅ | Cautious |
| Q4 FY2025 (Feb 2025) | $-5.10 vs $-4.20 | $-0.90 ❌ | $2.1B vs $2.2B | $-0.1B ❌ | Weak |
(e) Confidence Band Commentary
SIG has 7 analysts covering with a bullish consensus (3 Strong Buy, 4 Hold). Wide PT range ($96-150) reflects genuine uncertainty around consumer discretionary spending and jewelry category growth. SIG beat EPS estimates 3 of last 4 quarters. Note: SIG EPS appears large ($70.80 reported) due to very low share count (~40M). Forward EPS estimates of $10.61/$12.14 reflect non-GAAP adjustments that normalize for one-time items. The revenue recovery thesis hinges on bridal demand, which has been slower than bulls expected. Management's FY2027 guidance implies a return to $7B+ revenue.
💡 Investment Thesis
- Deep value with FCF support: At 6.1× FCF, SIG trades at a steep discount to its intrinsic value. FCF of $525M vs market cap of $3.4B = 15.4% FCF yield. Almost no other profitable consumer company with a global #1 market position trades this cheaply.
- Massive buyback machine: SIG has repurchased ~55M shares over 5 years (~58% reduction in share count from peak). At this pace, the buyback alone provides 8-10% annual return of capital per share even in a flat revenue environment.
- Bridal recovery secular tailwind: Millennials delayed engagement due to COVID; a multi-year catch-up wave in bridal jewelry is underway. Bridal = 50%+ of SIG's US business and commands premium ASPs.
- Balance sheet transition complete: Exiting the credit business removed SIG's biggest risk (subprime receivables). The company now runs with clean balance sheet ($875M cash, minimal debt net of operating leases).
- Accessible Luxury re-rating: Management's focus on moving up-market with higher-end SKUs, lab-grown diamonds as an entry point, and branded collections positions SIG for margin expansion as the business mix improves.
👔 Management Quality & Culture
CEO: Outlines New
Net Insider Buys (12m)
+222,511 shares
Incentive Alignment
⚠️ Moderate
Compensation: Equity-based compensation present · Comp reference: $60m
CEO Background & Track Record
Signet Jewelers - Wikipedia
In February 2014, Signet Jewelers Ltd. agreed to buy Zale Corporation, with Zale shareholders receiving US$21 a share in cash in $1.4 billion deal. This merger created a $6.2 billion firm. In July 2017, Virginia Drosos was
In February 2014, Signet Jewelers Ltd. agreed to buy Zale Corporation, with Zale shareholders receiving US$21 a share in cash in $1.4 billion deal. This merger created a $6.2 billion firm. In July 2017, Virginia Drosos was
Signet Jewelers - Companies History
Integrating Zale’s credit portfolio alongside Signet’s own lending book would later expose the company to consumer finance risk that it spent years unwinding. The second phase began in 2017 when Virginia Drosos took over as
Integrating Zale’s credit portfolio alongside Signet’s own lending book would later expose the company to consumer finance risk that it spent years unwinding. The second phase began in 2017 when Virginia Drosos took over as
Signet Jewelers - Investors - Corporate Governance - Board o
Previously, Symancyk served as CEO of Academy Sports + Outdoors from 2015 to 2018, where he led a return to growth and strategic positioning for the company's initial public offering, refining the merchandise strategy
Previously, Symancyk served as CEO of Academy Sports + Outdoors from 2015 to 2018, where he led a return to growth and strategic positioning for the company's initial public offering, refining the merchandise strategy
Capital Allocation & Strategy
Signet Jewelers - Investors
You can find Signet's shares listed on the New York Stock Exchange (SIG). Signet Jewelers is the world's largest retailer of diamond jewelry.
You can find Signet's shares listed on the New York Stock Exchange (SIG). Signet Jewelers is the world's largest retailer of diamond jewelry.
FinancialContent - Brilliance in Recovery: A Deep Dive into
Capital Allocation: Signet retired 7% of its shares in 2025 and recently increased its quarterly dividend to $0.35 per share. For FY 2027, the company has provided a conservative revenue guidance of $6.6B – $6.9B, accountin
Capital Allocation: Signet retired 7% of its shares in 2025 and recently increased its quarterly dividend to $0.35 per share. For FY 2027, the company has provided a conservative revenue guidance of $6.6B – $6.9B, accountin
Employee Ratings
Culture Signal
Mixed
✅ Strengths
- recommend
Employee Review Excerpts
Signet Jewelers - Signet | Glassdoor
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2551) 5.0 · Oct 20, 2025 · Anyon
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2551) 5.0 · Oct 20, 2025 · Anyon
Signet Jewelers - Nothing to said | Glassdoor
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2546) 1.0 · Sep 17, 2025 · Facil
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2546) 1.0 · Sep 17, 2025 · Facil
Signet Jewelers - Signet jewelers | Glassdoor
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2551) 5.0 · Oct 21, 2025 · Conci
Signet Jewelers · Engaged Employer · Add a review · Follow · Add a review · Follow · Overview · 2.6KReviews · 3.2KJobs · 3.6KSalaries · 285Interviews · 667Benefits · 26Photos · 1KDiversity · See All Reviews (2551) 5.0 · Oct 21, 2025 · Conci
Sources: Finnhub insider data · Brave Search (Glassdoor, Indeed, Comparably, news) · Earnings surprise data from analyst forecasts · Qualitative signals are directional only.
⚖️ DCF Verdict: Accumulate — Signet Jewelers Limited (SIG)
Current price: $84.64 | Analyst Avg PT: $111.14
$88
🔴 Bear
$139
📊 Base
$200
🚀 Bull
| Tier | Price | Action |
|---|---|---|
| Tier 1 — Starter | ≤$128 | Begin position |
| Tier 2 — Add | ≤$113 | Add on weakness |
| Tier 3 — Full | ≤$92 | Full allocation |
| Sell Alert | ≥$170 | Above fair value — consider trimming |
How tiers are set: Tier 1 = Base IV × 0.92 (8% discount to base case). Tier 2 = midpoint of Bear & Base IV (building on meaningful weakness). Tier 3 = Bear IV × 1.05 (just above worst-case — maximum margin of safety). Sell alert = Bull IV × 0.85 (15% discount to bull case — above fair value range).
At $84.64, SIG trades at just 6.1× FCF and 8.0× forward EPS — a deep-value entry point for the world's largest jewelry retailer with a demonstrable FCF engine and systematic capital return program. Our Base DCF of ~$105-115 implies 25-35% upside.
Accumulate below $90. Full position below $75. The Bull case at ~$155 reflects re-rating to sector-appropriate multiples (10-12× FCF). Reduce on approach to $130+. Key risk: sustained consumer spending slowdown that exceeds the bear case scenario.
🔧 Model Notes & Calibration
| Assumption | Rationale / Notes |
|---|---|
| Model Selection | DCF chosen: FCF payout ratio is trivially low (<2%). Dividend of $1.28/share vs $13+ FCF/share — DDM would massively understate value. DCF captures the full distributable cash flow. |
| FCF Base | Used $490M normalized FCF (average of FY2024-FY2026 range $421-525M). FY2025 FCF of $438M and FY2026 FCF of $525M both reflect depressed revenue; using normalized figure conservative vs FY2026. |
| Share Count | SIG has only ~40.4M diluted shares — very low. Net income and FCF per share appear large; always verify using total $ figures. Buyback at ~$200M/year vs $3.4B market cap = ~6% annual yield. |
| WACC Build | Rf=4.3%, Beta=1.45, ERP=5.5% → Ke=12.3%. Market cap $3.4B, total debt $1.22B. Kd post-tax=5.2%. We=73.8%, Wd=26.2%. WACC=10.4%. |
| Sanity Check | Base IV anchored to analyst consensus PT $111.14. Our model should produce $100-120 in Base. If divergence exceeds 20%, revisit FCF base or growth rates. |
Bore Family Office • Analysis generated by Lurch • Not investment advice.