Historical cheapness: current PE is 38.9× versus the full-history median of 33.4× shown in the valuation table, producing 39.8/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 44.1/100. The model applies a 19.1% earnings-growth assumption and a 10% annual return hurdle, with positive credit limited by evidence coverage and confidence.

Forward price scenarios use recent PE history separately. Recent history has a separately weighted median of 32.1× (18-month half-life). The favorable scenario uses 35× PE and $5.6 projected EPS, informed by growth, margins and earnings-quality checks. This is a model scenario, not an analyst target. A return to the full-history median is not assumed.

Business trends are strong. Over the past year: revenue +13.8%, earnings +5.8%, operating margin -1.5 percentage points. Free cash flow is 36.9% of revenue. The business score is 66/100. Growth, margins and cash generation drive the score. Missing or older data receives less weight.

Stronger earnings and valuation could support a higher share price.

Our favorable case uses $5.60 of EPS and a 35× PE, suggesting a share price of about $195.99. Valuation history and outlook inform the PE.

The displayed favorable scenario is 15.2% upside, or about $196.06.

This is a scenario based on our model, not a forecast or probability.

Weaker than expected earnings could put pressure on the share price.

Our downside case uses $3.80 of EPS and a 31.3× PE, suggesting a share price of about $119.05 — 30% below today’s price. Valuation history and outlook inform the PE.

This is a scenario based on our model, not a forecast or probability.