Historical cheapness: current PE is 34.8× versus the full-history median of 40.8× shown in the valuation table, producing 60.8/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 63.1/100. The model applies a 16.1% 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 40.7× (18-month half-life). The favorable scenario uses 40.3× PE and $9.6 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 +73.6%, earnings +88%, operating margin +7.4 percentage points. Free cash flow is 134.2% of revenue. The business score is 93.6/100. 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 $9.64 of EPS and a 40.3× PE, suggesting a share price of about $388.89 — 46% 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 $6.45 of EPS and a 31.8× PE, suggesting a share price of about $205.18 — 23% below today’s price. Valuation history and outlook inform the PE.

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