Historical cheapness: current PE is 27.6× versus the full-history median of 28.7× shown in the valuation table, producing 52.6/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 52.4/100. The model applies a 9.8% 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 27.9× PE and $12.5 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 -2.2%, earnings +50.2%, operating margin +5 percentage points. Free cash flow is 4.4% of revenue. The business score is 67.6/100. 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 $12.52 of EPS and a 27.9× PE, suggesting a share price of about $349.71. Valuation history and outlook inform the PE.

The displayed favorable scenario is 20.5% upside, or about $349.75.

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 $8.78 of EPS and a 23.1× PE, suggesting a share price of about $202.63 — 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.