Historical cheapness: current PE is 20.1× versus the full-history median of 20.9× shown in the valuation table, producing 52.7/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 52.5/100. The model applies a 9.6% 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 20.1× (18-month half-life). The favorable scenario uses 20.5× PE and $9 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 mixed. Over the past year: revenue +10.6%, earnings +5.8%, operating margin -0.2 percentage points. Free cash flow is 15.9% of revenue. The business score is 64.7/100. 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 $9.01 of EPS and a 20.5× PE, suggesting a share price of about $184.63 — 20% above today’s price. Valuation history and outlook inform the PE.

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 $6.49 of EPS and a 18.1× PE, suggesting a share price of about $117.30 — 24% below today’s price. Valuation history and outlook inform the PE.

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