Valuation

How to Do a DCF Valuation, Step by Step

A complete DCF walkthrough on Apple: measure free cash flow, project ten years, discount, add the terminal value, and compare the value with the price.

Reverse DCF: What Growth Is Priced In?

A reverse DCF solves the DCF backwards to find the growth rate a stock price already assumes. Apple worked example, plus how to judge the implied rate.

Graham Number vs Graham Formula: Which to Use

The Graham Number is a ceiling price and the Graham Formula is a value estimate. Both are run on Apple, with the places each one breaks clearly shown.

Margin of Safety: How Much Is Enough?

The margin of safety defined and measured on a real Apple print, with buy prices at four required margins and a practical rule for choosing your cushion.

Why DCF Does Not Work for Banks, Insurers, REITs

Free cash flow fails for banks, insurers, and REITs for three different reasons. What to use instead, with JPMorgan Chase and Realty Income worked through.

WACC Explained, with a Free Calculator

The weighted average cost of capital built piece by piece, with a complete Coca-Cola calculation from its filings: beta, cost of equity, after-tax debt, weights.

DCF vs Multiples: When Each Is Right

Discounted cash flow and multiples run on the same companies, Apple, Coca-Cola, and Microsoft, with the conditions that should steer the choice between them.

Terminal Value: The Part That Decides Most DCFs

The terminal value was 61 percent of Apple's enterprise value. Its formula, its two assumptions, and sensitivity figures showing how completely it rules a DCF.

Dividend Discount Models Explained

All three dividend discount models built on Coca-Cola: Gordon growth, two-stage, and the H-model, with a full dividend record and the refusal rule explained.

How We Test Our Valuation Engine Against Filings

9,484 paired figures compared against an independent workbook, a second-codebase check of the discount rate, and the 96 disagreements we publish instead of hiding.

Stock Valuation Studio: The Complete How-To Guide

How to use Stock Valuation Studio: the headline cascade, all thirty-one models, the thirteen views, assumptions, scenarios, the assistant, sharing, and printing.

How to Value a Crypto Asset

The free Crypto Studio guide: how a crypto asset gets a fair value, the Token DCF in plain language, multiples, the Bitcoin cost band, signals, and risk.

How Stock Valuation Studio Works

The Studio's method in full: the fixed order behind the Fair Value, how the DCF is built, the dividend line, margin and verdict rules, and how the engine is tested.

Stock Valuation Studio

Free in the browser: a fair value, a buy price, and the full workup for listed companies.

Every Monday

Statistics for Investors

The statistics behind investing, worked on real data: averages that mislead, risk measures and their limits, and what backtests can and cannot show.

Wednesdays, alternating with Valuation

Survey Research and Analysis How-To

How surveys are weighted, adjusted, and read, with step-by-step analysis methods for SPSS, Python, and the browser.

Fridays, alternating with Maine by the Numbers

Small Area Estimation

Estimates for counties, towns, and other small places, where direct survey numbers run too thin to stand on their own.

Fridays, alternating with Small Area Estimation

Maine by the Numbers

Maine in data: population, work, housing, and health, county by county, from public sources.