Historical cheapness: current PE is 27.3× versus the full-history median of 26.3× shown in the valuation table, producing 47.4/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 47.6/100. The model applies a 10.4% 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 27.6× (18-month half-life). The favorable scenario uses 27.7× PE and $20.1 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 +10.6%, earnings +8.7%, operating margin -0.2 percentage points. Free cash flow is 14.5% of revenue. The business score is 65/100. 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 $20.11 of EPS and a 27.7× PE, suggesting a share price of about $557.36. Valuation history and outlook inform the PE.

The displayed favorable scenario is 21.1% upside, or about $557.54.

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 $14.37 of EPS and a 24.6× PE, suggesting a share price of about $353.47 — 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.