INTU · NMS · Technology
Intuit Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 368.36
Market price
USD 352.10
Implied upside
+4.6%
10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2026-07-31
Value Per Share
Same forecast, different terminal treatment. Percentages vs price.
Forecast Cashflows
Reporting currency (USD). Outflows negative.
| Line | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 | FY36 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | USD 23.4bn | USD 25.5bn | USD 27.6bn | USD 29.7bn | USD 31.7bn | USD 33.5bn | USD 35.1bn | USD 36.6bn | USD 37.8bn | USD 38.8bn | +5.8% |
| EBIT | USD 5.9bn | USD 6.4bn | USD 6.9bn | USD 7.5bn | USD 8.0bn | USD 8.4bn | USD 8.8bn | USD 9.2bn | USD 9.5bn | USD 9.7bn | +5.8% |
| NOPAT | USD 4.7bn | USD 5.1bn | USD 5.6bn | USD 6.0bn | USD 6.4bn | USD 6.7bn | USD 7.1bn | USD 7.4bn | USD 7.6bn | USD 7.8bn | +5.8% |
| Add depreciation & amortisation | USD 1.1bn | USD 1.2bn | USD 1.3bn | USD 1.4bn | USD 1.5bn | USD 1.6bn | USD 1.6bn | USD 1.7bn | USD 1.8bn | USD 1.8bn | +5.8% |
| Less capital expenditure | USD -294.6m | USD -430.1m | USD -583.3m | USD -753.2m | USD -937.8m | USD -1.1bn | USD -1.3bn | USD -1.6bn | USD -1.8bn | USD -2.0bn | +23.5% |
| Capex, % of revenue | 1.3% | 1.7% | 2.1% | 2.5% | 3.0% | 3.4% | 3.8% | 4.2% | 4.7% | 5.1% | - |
| Less increase in working capital | USD 29.6m | USD 32.0m | USD 31.7m | USD 30.9m | USD 29.5m | USD 27.6m | USD 25.0m | USD 21.9m | USD 18.3m | USD 14.2m | +7.8% |
| Free cashflow to firm | USD 5.5bn | USD 5.9bn | USD 6.3bn | USD 6.6bn | USD 6.9bn | USD 7.2bn | USD 7.4bn | USD 7.5bn | USD 7.6bn | USD 7.6bn | +3.7% |
| Discount factor | 0.9600 | 0.8846 | 0.8152 | 0.7512 | 0.6923 | 0.6379 | 0.5879 | 0.5417 | 0.4992 | 0.4600 | - |
| Present value | USD 5.3bn | USD 5.2bn | USD 5.1bn | USD 5.0bn | USD 4.8bn | USD 4.6bn | USD 4.3bn | USD 4.1bn | USD 3.8bn | USD 3.5bn | - |
| Present Value Of The Forecast | USD 45.8bn | ||||||||||
Discount Rate
Source shown per component. All overridable above.
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.947 | Reported 0.921, pulled toward 1.0 (Blume) |
| Cost of equity | 8.90% | Risk-free + beta x equity risk premium |
| Cost of debt | 5.29% | Risk-free + 40bp, the spread for a AAA rating at 24.1x interest cover. Book interest / average debt was lower, at 3.4%. |
| Market capitalisation | USD 94.1bn | 91.8% of capital |
| Total debt | USD 8.4bn | 8.2% of capital, book value as a proxy |
| Tax rate | 20.1% | Effective, capped at statutory |
| WACC | 8.52% | E/V x Re + D/V x Rd x (1 - t) |
Terminal Value
Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.
Perpetuity growth at 2.50%
56% of EV
- Forecast FCFF, final year
- USD 7.6bn
- Capex at depreciation, working capital in reinvestment
- USD 8.9bn
- Less reinvestment at g/ROIC (17.9% of NOPAT)
- USD -1.6bn
- Capitalised
- USD 7.3bn
- ROIC (reported)
- 14.0%
- Terminal value, undiscounted
- USD 124.9bn
- Terminal value, discounted
- USD 57.5bn
- Enterprise value
- USD 103.3bn
- Less net debt
- USD 1.2bn
- Equity value
- USD 102.0bn
Exit at 13.6x EBITDA
61% of EV
- Terminal value, undiscounted
- USD 156.8bn
- Terminal value, discounted
- USD 72.1bn
- Enterprise value
- USD 117.9bn
- Less net debt
- USD 1.2bn
- Equity value
- USD 116.7bn
Spread between methods: 13%.
Sensitivity
Value per share (USD) by discount rate and long-run growth.
| Long-run growth | |||||
|---|---|---|---|---|---|
| Discount rate | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
| 6.52% | 502.46 | 521.91 | 546.89 | 579.75 | 624.43 |
| 7.52% | 418.44 | 427.96 | 439.90 | 455.06 | 474.63 |
| 8.52% | 358.38 | 362.80 | 368.35 | 375.36 | 384.26 |
| 9.52% | 313.32 | 314.93 | 317.11 | 319.97 | 323.70 |
| 10.52% | 278.26 | 278.28 | 278.57 | 279.20 | 280.22 |
Outlined: this model. Green text: above today's price of 352.10. Shading: distance from this model's own value.
Priced In
What each input would have to be to justify the current price, one at a time.
| Input | Actual | Model | Implied | Gap |
|---|---|---|---|---|
| Revenue growth, a year | 14.3% | 6.1% | 5.6% | |
| EBIT margin | 28.8% | 25.1% | 23.9% | |
| Discount rate | - | 8.5% | 8.8% |
Live formulas, not pasted numbers - edit a driver and the workbook reprices.
Yahoo Finance and RBA data. General information, not advice. Methodology.