/
DCF Valuation
Base-case fair value
$44.28
Intrinsic $59.04 · 25% MOS
Current price: $34.00
Base-case summary
Our base-case DCF for Vornado Realty Trust (VNO) projects 10 years of free cash flow growth at 2.0% for years 1–5 and 1.0% for years 6–10, anchored to 0.7% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $786M in trailing free cash flow, this produces an intrinsic value of $59.04 per share. A 25% safety margin gives a fair value of $44.28, suggesting the stock is currently 30% undervalued against the $34.00 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$786M
Cash & equivalents
$1.1B
Total debt
$3.5B
Shares outstanding
190M