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ADOBE INC.

ADBECIK 0000796343Software

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Intrinsic Value

ADBE Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic Value

ADBE Intrinsic Valuation

Review the filing-backed discounted cash flow baseline, scenario range, and capital structure context for a fundamentals-first fair value read.

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for ADOBE INC., derived from annual filing data.

Read the DCF guide

DCF fair value

$306.53

Implied equity value $131B

Current price

$250.50

Latest available quote for the primary listing.

Margin of safety

22.4%

Base case against the live quote.

Fair value range

$260.76 – $366.14

Bear

$260.76

Base

$306.53

Bull

$366.14

Current

$250.50

Model assumptions

Cash flow base

$9B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

10.0%

Discount

10.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$306.53Baseline

Growth +1 pt$368.11+$61.57

Intrinsic value

Filing-backed DCF baseline

Automated free-cash-flow DCF baseline for ADOBE INC., derived from annual filing data.

Read the DCF guide

DCF fair value

$306.53

Implied equity value $131B

Current price

$250.50

Latest available quote for the primary listing.

Margin of safety

22.4%

Base case against the live quote.

Fair value range

$260.76 – $366.14

Bear

$260.76

Base

$306.53

Bull

$366.14

Current

$250.50

Model assumptions

Cash flow base

$9B

Basis

Operating cash flow less capex (firm-value proxy)

Growth

10.0%

Discount

10.5%

Terminal

2.5%

Horizon

Assumption sensitivity

vs base per share

Base case$306.53Baseline

Growth +1 pt$368.11+$61.57

What the market is pricing in

At $250.50 the market is pricing in roughly 1.6% annual growth under this model.
Growth anchor: Median of 3Y revenue CAGR, 5Y revenue CAGR, and 5Y free cash flow CAGR. Scenario-derived from +/-2 pts growth and +/-1 pt discount.
Net cash increases equity value relative to firm value before the per-share target is calculated.

Intrinsic EV-to-equity bridge

Enterprise value

Discounted free cash flows

$131B

Less total debt

− $6B

Plus cash and equivalents

+ $7B

Equity value

After the bridge

$131B

Diluted shares

427,000,000

Fair value / share

$306.53