Valuation models > Enterprise valuation > Fundamental (5yr)
Use this calculator to estimate the intrinsic value of shares.
Value the firm's operating assets using its fundamental growth rate. Then adjust to get the value per share.
This model assumes NOPAT will grow at the fundamental rate for three years before declining to the stable growth rate.
The fundamental growth rate is defined as the Reinvestment rate x ROIC.

Enter inputs below and click the Calculate button.
Make sure your units are consistent (millions, billions, etc.)

Inputs Value
Invested capital, operating assets
Debts, total
Cash, equivalents and short-term investments
Investments and other non-operating assets
Non-controllling interests
Employee options, total value
Number of shares outstanding

Assumptions Value
Return on invested capital (ROIC), %
Reinvestment rate, %
Weighted-average cost of capital (WACC), %
Stable growth rate, %
Stable ROIC, %

Calculations Value
Net operating profit after tax (NOPAT)
Free cash flow to the firm (FCFF)
Payout ratio, %
Fundamental growth rate of NOPAT, %
Stable ROIC, %
Stable payout ratio, %

Year Growth NOPAT Payout ratio FCFF Discount factor Present value
TTM - - -
Stable -

Value of operating assets
(-) Debts
(+) Cash and equivalents
(+) Investments
(-) Employee options
(-) Non-controlling interests
(=) Value of equity
(รท) Number of shares
(=) Value per share