the multiple investors would still accept for price to hold
implied forward P/FCF
126x
cap ÷ FY2027 FCF
FCF needed to justify price
$790M
at the accepted multiple
value at ~40x normalized
$25B
vs $79B price
The bridge deck is the forward P/FCF multiple. Thin forward FCF stretches it toward triple digits; the price holds only if the cash-flow stream climbs toward ~$1B+ (a defensible multiple) or if investors keep accepting a high multiple.