Grow today's free cash flow at your rate for each forecast year. This is money the business could hand out after paying to keep itself running.

A dollar in year 8 is worth less than a dollar now, so each year is divided by (1 + discount rate) to the power of that year. The discount rate is the return you demand for the risk.

Business doesn't stop at the last forecast year. The terminal value = final cash flow × (1 + terminal growth) ÷ (discount rate − terminal growth), then discounted back. Terminal growth must stay below the discount rate or the maths blows up — and below long-run GDP growth, or you're claiming the company eats the economy.

It bundles the time value of money plus every risk judgement into a single figure. It is what you require, not what you predict — which is why two people can value the same company honestly and disagree.

It is not only risk. Even a perfectly safe cash flow is discounted, because money now beats money later regardless:

discount rate = risk-free rate + risk premium
      9%      =    ~4% gov bond  +   ~5%

Set it high — you want more compensation (riskier, or you have better uses for the money) — and future cash counts for less, so fair value falls. Set it low and fair value rises. Pick it by asking what the same money could earn elsewhere at the same risk.

Return you require — the yearly return you would accept somewhere else for the same risk. Ask it higher and the same future cash is worth less today, so the shares look dearer.

Growth forever — how fast the cash keeps growing after the forecast ends, for good. Keep it near long-run economic growth (about 2–3%); above that the company would eventually outgrow the whole economy, and it must stay below the return you require or the maths breaks.

Past growth — the company's own revenue and free-cash-flow growth: each year on its own, the 3-year and full-span CAGR, and the median yearly rate. A CAGR reads only the first and last year, so one freak year at either end sets the whole figure — Uber reads +31.4% by CAGR but +18.1% by median. use therefore adopts the median revenue rate, and fills years 1–5 only.

Analyst — the S&P Global consensus for next year's revenue growth, with the high–low spread and how many analysts stand behind it. A tight spread is a real consensus; a wide one means they disagree and the midpoint is doing less work than it looks. Only the next fiscal year is published free, so that is all this offers — funds and ETFs have no coverage and show nothing.

Blend — the midpoint of the two above, which with two numbers is simply their average. It is worth having because they fail in opposite directions: history cannot see what changed at the company, and analysts see only the near term and lean optimistic. If one side is missing, the other stands alone rather than being averaged against nothing.

Growth after that — not a number you set. Growth rarely holds its pace for a decade, so years 6 onward fade linearly from your years 1–5 rate down to the forever rate, landing on it exactly in the final year. That removes the cliff a flat second stage leaves behind — a 20% grower still compounding at 16% in year 10 and then dropping to 2.25% overnight is an artifact of the assumption, not a view, and it inflated the answer by about a quarter. The year-by-year table shows the whole ramp.

Suggested rate — CAPM, the sell-side convention: risk-free + beta × equity premium. Beta is past volatility against the index, not the risk of losing money for good, which is why plenty of funds ignore it and set their own hurdle instead. It only suggests — tap use to adopt it.

Your forecast stops at year 10, but the company does not. Terminal value is one lump sum standing in for every year after that, discounted back into today’s money. Think of buying a fruit tree: you can picture the next ten harvests, and this is what you pay for “and it keeps fruiting after that, forever”.

Terminal share — how much of the answer came from that lump instead of the years you actually forecast. Under 50%, most of the value rests on years you thought about. 50–75% is normal for a mature business, and simply means the forever assumptions are doing real work. Over about 75% you are valuing a formula, not a company.

It is a disclosure, not a dial. Forecasting more years always lowers the percentage — the same run reads 56% over 10 years, 43% over 15 and 33% over 20 — but nothing was learned about the far future. The guess only moved out of the terminal box into years now labelled “forecast”, where it is harder to see. Ten years is the convention because that is about as far as a cash flow forecast can honestly be defended.

When it reads high — do not stretch the horizon to shrink it. Treat the fair value as a range instead: read the sensitivity grid below, and if its corners disagree wildly then the single headline figure is false precision.

A DCF is an opinion with arithmetic attached.

Sensitivity grid — a DCF is only as steady as this grid. If the corners disagree wildly, the single headline figure is false precision. Use the range as the answer.

Company figures — public estimates from StockAnalysis, read-only here, cached until midnight New York so a day's lookups cost one fetch. The share price is not cached — it comes live from Yahoo Finance on every lookup. Check the filing before you buy anything.

Same tokens per bin

A CLMM is a grid: each bin below price holds USDC, each above holds SUI. At the same liquidity L the tight band's bins hold exactly what the wide range's do — so it earns identical fees.

Park the wing bins

The bins the wide range would fill outside the tight band become lending instead — USDC in the lower wing, SUI in the upper — the same amounts, just earning yield.

Pull back on exit

Price leaves the top → the band is all USDC. Pull the SUI wing from lending and re-open around the new price with the USDC you now hold. Mirror it on the downside.