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What is intrinsic value?

Intrinsic value is what a company is truly worth based on the cash flows it will generate: the number fundamental analysis tries to estimate.

The reference method is the DCF (discounted cash flow): you estimate future cash flows and discount them to today. The result is inevitably imprecise — it depends on assumptions — but it disciplines your thinking: it forces you to ask what must happen for today's price to be justified.

Buffett sums it up: "price is what you pay, value is what you get". When the market price sits far below estimated intrinsic value, you have a margin of safety.

Concrete example

If you estimate a company will generate cash flows worth $80 per share in present value and the stock trades at $50, you're buying a dollar of value for 62 cents.

How you see it in InsiderFlow

On InsiderFlow these concepts come alive on real data: what big funds and insiders are buying, explained every day.

Frequently asked questions

Is intrinsic value objective?

No: two analysts with different assumptions get different values. It's a reasoned estimate, not an exact measure.

Why does price diverge from value?

Emotions, fads and short-term flows: those very divergences are where opportunities come from.

Related terms

What is fundamental analysis?What is the margin of safety?What are value stocks?