What data we use, where it comes from and how it becomes a valuation and a verdict. We follow a single asset, Microsoft, with its figures from 15 October.
01 Pick
Type a name, a ticker or an ISIN. One search box for stocks from more than 40 exchanges, ETFs, funds, crypto, currencies, bonds, commodities, indices and futures, with instant autocomplete and the full profile on open.
02 Gather
While you look at the chart, we pull accounts, macro, live prices and analyst consensus, all in parallel. Every figure arrives with its date and its source. And if a data point doesn’t exist, you’ll see “No data”: we prefer an honest gap to a made-up number.
03 Value
Real cash flows from the financial statements, a WACC built with CAPM and a model in three stages with three scenarios (Bear, Base and Bull) against the market price. Don’t share an assumption? Move the WACC and the growth rate: the model is yours.
04 Verdict
One click sets an eleven-agent team in motion: four analysts research in parallel, their reports go through a bull-versus-bear debate and a manager signs the verdict with the thesis, the conviction, indicative levels and a risk score. It is saved to your account.
If you are going to trust a valuation, you should be able to look inside. Open a question and the formula that answers it lights up beside it.
FormulasThe ones the terminal uses
DCF in three stages
EV = Σ FCFt / (1 + WACC)t + TV
WACC via CAPM
WACC = Rf + β · ERP (4.5%)
Free cash flow
FCF = OCF − CapEx
DCF in three stages
EV = Σ FCFt / (1 + WACC)t + TV
A discounted cash flow, or DCF, is a valuation method that estimates what a company is worth today by adding up the money it is expected to generate in the future and bringing it back to the present. The underlying idea is simple: a thousand euros ten years from now is worth less than a thousand euros today, and discounting puts a number on that gap.
The calculation runs in three stages. The first five years are projected explicitly from recent free cash flow. From year six to year ten, growth fades towards a sustainable rate instead of dropping off a cliff. Beyond that comes the terminal value, which captures everything that follows. Adding the three stages and discounting them at the WACC gives the value of the company; subtract debt, add cash, and you arrive at the value per share.
WACC via CAPM
WACC = Rf + β · ERP (4.5%)
The WACC is the minimum return a company has to generate to satisfy everyone financing it, and in a discounted cash flow it is the rate at which future flows are brought back to the present. The riskier a business looks, the higher its WACC and the less each euro it promises tomorrow is worth today.
It is built with the CAPM model: start from the risk-free rate (the ten-year government yield, refreshed daily) and add the market risk premium multiplied by the stock's beta, measured over 252 sessions against its index. The result is clamped to a sensible range so that one extreme reading cannot produce an absurd valuation. And since no estimate is sacred, the WACC can be moved: change it and the valuation recalculates on the spot.
Free cash flow
FCF = OCF − CapEx
Free cash flow, or FCF, is the money a company has left over after sustaining and growing its business. It is the raw material of any discounted cash flow: take cash from operations and subtract capital investment, both straight from the cash-flow statement the company itself publishes.
The figure used covers the last twelve months, adding the four most recent quarters rather than the last annual close, so the valuation reflects the business as it stands now and not a snapshot from a year ago. No adjustments and no “normalised” versions are applied: the number is the one reported. And when free cash flow is negative (normal enough in companies in full expansion), the discounted valuation steps aside instead of forcing a result, because discounting negative flows does not produce a meaningful number.
DCF in three stages
EV = Σ FCFt / (1 + WACC)t + TV
Terminal value is the part of a valuation that captures everything a company will generate beyond the horizon projected in detail, and it usually weighs more than the ten preceding years combined. That alone is reason to look at it with healthy suspicion.
It is calculated in year ten with the Gordon model, applying a perpetual growth rate that can never match or exceed the WACC: if it did, the formula would return an infinite value, which is the mathematical way of saying the assumption is impossible. That condition is always checked. Flows are also discounted at mid-year rather than year-end, because a company generates cash continuously and not in a single payment on 31 December. The implied exit multiple is shown too, so you can check whether the assumed growth is reasonable.