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Corning Incorporated (GLW)
Intrinsic Value (DCF)
Current$93.49
→
Intrinsic$28.24
-70%
$16.49$28.24$51.58
Current price reflects execution expectations above 20% growth — not unreasonable for quality businesses.
Range: Bear $16 → Bull $52. Current price implies expectations above the base case, closer to bull expectations.
Current price reflects assumptions at the upper end of our valuation range (bull case: $52).
| Discount ↓Growth → | 16% | 18% | 20% | 22% |
|---|---|---|---|---|
| 8% | $37 | $41 | $45 | $49 |
| 10% | $23 | $26 | $28 | $31 |
| 12% | $16 | $17 | $19 | $21 |
| 14% | $11 | $12 | $14 | $15 |
Bull Case
- Bull case ($52) with 24% growth, 8% discount rate
Bear Case
- Bear case ($16) implies 82% downside at 16% growth, 12% discount
- Trading 70% above base case — execution must exceed assumptions to justify
- Price exceeds bull case ($52) — requires exceptional execution
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5-Year Free Cash Flow Projection
Year 1$1.17B
Year 2$1.40B
Year 3$1.68B
Year 4$2.02B
Year 5$2.42B
Terminal$38.41B
📐 Model Inputs
Growth Rate20.0%5Y CAGR (cascade: 5Y→3Y→TTM)
Discount Rate9.5%WACC estimate
Terminal Growth3.0%Perpetuity rate
Base Free Cash Flow$974.00MTTM actual
Bear g×0.8, r+2%
Base Historical CAGR
Bull g×1.2, r−1.5%
DCF estimates based on historical growth rates extrapolated forward. See FAQ below for full methodology.