For Mark Zuckerberg, the most significant creation from his two years at Harvard University wasn’t the precursor to a global social network, but a prank website that nearly got him expelled.
The Meta CEO said in a 2017 commencement address at his alma mater that the controversial site, Facemash, was “the most important thing I built in my time here” for one simple reason: it led him to his wife, Priscilla Chan.
“Without Facemash I wouldn’t have met Priscilla, and she’s the most important person in my life,” Zuckerberg said during the speech.
In 2003, Zuckerberg, then a sophomore, created Facemash by hacking into Harvard’s online student directories and using the photos to create a site where users could rank students’ attractiveness. The site went viral, but it was quickly shut down by the university. Zuckerberg was called before Harvard’s Administrative Board, facing accusations of breaching security, violating copyrights, and infringing on individual privacy.
“Everyone thought I was going to get kicked out,” Zuckerberg recalled in his speech. “My parents came to help me pack. My friends threw me a going-away party.”
It was at this party, thrown by friends who believed his expulsion was imminent, where he met Chan, another Harvard undergraduate. “We met in line for the bathroom in the Pfoho Belltower, and in what must be one of the all time romantic lines, I said: ‘I’m going to get kicked out in three days, so we need to go on a date quickly,’” Zuckerberg said.
Chan, who described her now-husband to The New Yorker as “this nerdy guy who was just a little bit out there,” went on the date with him. Zuckerberg did not get expelled from Harvard after all, but he did famously drop out the following year to focus on building Facebook.
While the 2010 film The Social Network portrayed Facemash as a critical stepping stone to the creation of Facebook, Zuckerberg himself has downplayed its technical or conceptual importance.
“And, you know, that movie made it seem like Facemash was so important to creating Facebook. It wasn’t,” he said during his commencement speech. But he did confirm that the series of events it set in motion—the administrative hearing, the “going-away” party, the line for the bathroom—ultimately connected him with the mother of his three children.
Chan, for her part, went on to graduate from Harvard in 2007, taught science, and then attended medical school at the University of California, San Francisco, becoming a pediatrician.
She and Zuckerberg got married in 2012, and in 2015, they co-founded the Chan Zuckerberg Initiative, a philanthropic organization focused on leveraging technology to address major world challenges in health, education, and science. Chan serves as co-CEO of the initiative, which has pledged to give away 99% of the couple’s shares in Meta Platforms to fund its work.
You can watch the entirety of Zuckerberg’s Harvard commencement speech below:
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
Pakistan has announced its intention to launch its first stablecoin to be used within the country. Announcing the development, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib states that the move is part of its effort to integrate digital assets into Pakistan’s economy.
Stablecoins are digital tokens whose values are always tied to fiat currencies, such as the dollar, making them more stable than the average digital assets like Bitcoin. Bin Saqib made this known as the Binance Blockchain Week in Dubai, highlighting that the country has also been working on the creation of its Central Bank Digital Currencies (CBDCs).
Pakistan announces plans to launch its first stablecoin
In his address, Bin Saqib mentioned that Pakistan sees stablecoins as one of the best ways to collateralize government debt. “We want to be at the forefront of this financial digital innovation that is happening. Why should we be at the tail-end of it when we have the muscle and the adoption?” he said. PVARA is an autonomous federal body governed by a multi-stakeholder board, including the governor of the State Bank of Pakistan.
Other stakeholders in the agency include the chairman of the Securities and Exchange Commission of Pakistan and the Federal Board of Revenue. The agency was set up to curb illicit financial activities, protect users, and unlock several opportunities lying in fintech, remittances, and tokenized assets, while enforcing shariah-compliant innovation through regulatory sandboxes.
According to a post on X, the Pakistan Crypto Council also noted that Bin Saqib participated in a panel discussion on the future of digital assets and emerging market regulation. “He emphazised that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth,” the post read. “Pakistan’s work on stablecoins, data frameworks, and banking the unbanked can become valuable case studies for the world.”
Earlier this year, Bin Saqib revealed that Pakistan was working on its first government-led Strategic Bitcoin Reserve. He announced the initiative after delivering a keynote address at the Bitcoin Vegas 2025 event in Las Vegas, which had in attendance several high-profile personalities who have shown support for the crypto industry. They included United States Vice President JD Vance, Eric Trump, and Donald Trump Jr.
Government ramps up usage of AI
In May, the Pakistani government also announced the allocation of 2,000 megawatts of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence data. Meanwhile, in another report, Pakistan is set to deploy artificial intelligence to intensify its crackdown on illegal migration using fake documents. The government has also vowed to go after companies in the business of creating fake visas.
In a meeting held between the Interior Minister Mohsin Naqvi and Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain, it was decided to make the protector issuance system better, with “reforms to be introduced in the immigration system to facilitate passengers.” The ministers asked those in charge to submit their final recommendations concerning the technology and its improvement in the next seven days.
Naqvi added that an AI-based pilot application would be launched in Islamabad from January to curb illegal migration. He noted that the technology will enable authorities to determine in advance those who are eligible to travel and those who are not. Naqvi highlighted that those who attempt to travel using incomplete or fake documents would be barred. He added that there would be zero tolerance for fake visas and agents, noting that those who are deported would not be reissued new ones.
NuScale Power (SMR) has been on a choppy ride lately, with the share price down about 44% over the past month but still up roughly 21% year to date, leaving investors reassessing its long term nuclear story.
See our latest analysis for NuScale Power.
That sharp 30 day share price return of around negative 44% comes after a strong year to date gain and a near doubling three year total shareholder return. This suggests momentum has cooled as investors reassess execution risks around NuScale’s long term nuclear rollout.
If NuScale’s swings have you rethinking concentration in a single name, it could be worth scanning fast growing stocks with high insider ownership for other high conviction growth stories backed by committed insiders.
With shares still up strongly over three years yet trading almost 80 percent below analyst targets, investors face a pivotal question: is NuScale undervalued after the pullback, or already pricing in the next wave of nuclear growth?
With NuScale’s fair value pegged at about $38.35 versus a last close of $21.39, the most followed narrative paints a sizable upside gap.
With an NRC approved SMR technology and the commitment of over $2 billion towards its development and licensing, NuScale is uniquely positioned for immediate commercial deployment compared to competitors focused solely on demonstration plans. This potentially accelerates revenue growth once commercial operations commence.
Read the complete narrative.
Want to see what kind of revenue surge and margin shift could justify that gap, and why the future earnings multiple looks so aggressive? The full narrative unpacks a high speed revenue ramp, a sharp swing from deep losses toward industry style profitability, and a premium valuation normally reserved for market darlings. Curious how those moving parts add up to the projected fair value? Dive in to see the exact growth blueprint behind this call.
Result: Fair Value of $38.35 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, persistent delays in securing firm utility orders and potential dilutive funding needs around ENTRA1 could quickly challenge that bullish fair value case.
Find out about the key risks to this NuScale Power narrative.
While the popular narrative sees NuScale as 44.2% undervalued, our DCF model points the other way, with fair value near $3.17 versus a $21.39 share price. That implies NuScale could be significantly overvalued if lofty growth and margin assumptions fall short. Which future do you believe?
Look into how the SWS DCF model arrives at its fair value.
SMR Discounted Cash Flow as at Dec 2025
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out NuScale Power for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 906 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
If you see the outlook differently or want to stress test the assumptions yourself, you can build a personalized view in just a few minutes: Do it your way
A great starting point for your NuScale Power research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
Do not stop with a single thesis when the market is full of overlooked opportunities. Let Simply Wall Street’s powerful Screener guide your next smart move.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SMR.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Zipcar said it would close its UK operations by the end of the year
As a major car‑sharing scheme announces plans to close its London operations by the year’s end, some are concerned about the impact this will have on its users – and London’s emissions goals.
“If people like me didn’t have access to Zipcar, we would have to consider buying a car,” says John Sinha, who has been using the car-sharing service fortnightly for his business for about five years.
Mr Sinha, from Haringey, said he used the service to transport fragile objects, such as 3D printers, for his business.
“I normally use a bike to move around London, but sometimes, when carrying bulky or delicate objects, I need to have a car,” he said.
Mr Sinha points out: “If more people buy cars, it would mean more demand for parking spaces and more congestion, because people who have cars use them a lot more than people who are members of car clubs.”
Mr Sinha said he used the car sharing service or cycled across London
Mr Sinha said the closure of the car club would be “very bad” for sustainability and has launched a petition calling on London Mayor Sir Sadiq Khan to bring the car sharing service into public ownership.
“The thing about Zipcar, is it’s everywhere. You can find a car, you can book it on the app, there are even flex trips so you can take a car from one area and leave it in another area,” he said.
“It offers huge flexibility, and it’s almost as good as owning a car. Removing that is going to work against the stated policies of the mayor.”
Zipcar, a US-based company which is owned by car rental giant Avis Budget, said it had informed its UK members of the closure and had begun a formal consultation.
“As part of this proposal, new bookings in the UK will be suspended beyond 31 December 2025, subject to the outcome of the consultation,” Zipcar said.
“Zipcar UK will continue to operate as usual during this period,” a spokesperson said, adding it recognised the impact the proposal would have on its members, employees and partners.
‘Completely surprised’
Zipcar closed its operations in Oxford, Cambridge and Bristol last year to focus on its core London market, where it has more than 550,000 members.
Steve Gooding, director of the RAC Foundation, said he was aware the company had been struggling to make a profit in London.
Its decision was “perhaps sadly inevitable” and “not a complete shock”, he added.
“Car sharing is always going to be something of a difficult sell to a population that’s either very used to having all of the wonderful public transport that London benefits from, or they’ve got very used to having their own car,” he said.
However, Caroline Russell, leader of the City Hall Greens group, said she was “completely surprised by the suddenness of the announcement”.
She said car clubs were “part of the landscape of London” and called on the mayor and Transport for London (TfL) to have a “proper strategic think” about their value in meeting the mayor’s targets on congestion and air pollution.
Getty Images
Mr Sinha said car sharing was a flexible alternative to ownership for Londoners
A spokesperson for the mayor of London said car clubs played an important role in reducing the need for private car ownership in London.
“TfL and the mayor are engaging with stakeholders to understand these changes and will be working with boroughs who manage the provision of car clubs to help ensure that [they] can remain an option for Londoners,” they said.
TfL said its “powers over car clubs” were limited, but it provided funding to boroughs that could be used to support car club bays across the capital.
Bytes Technology Group’s estimated fair value is UK£4.80 based on 2 Stage Free Cash Flow to Equity
Bytes Technology Group is estimated to be 27% undervalued based on current share price of UK£3.49
The UK£4.86 analyst price target for BYIT is 1.2% more than our estimate of fair value
In this article we are going to estimate the intrinsic value of Bytes Technology Group plc (LON:BYIT) by taking the expected future cash flows and discounting them to today’s value. We will use the Discounted Cash Flow (DCF) model on this occasion. Models like these may appear beyond the comprehension of a lay person, but they’re fairly easy to follow.
Remember though, that there are many ways to estimate a company’s value, and a DCF is just one method. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you.
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We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second ‘steady growth’ period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today’s value:
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Levered FCF (£, Millions)
UK£53.2m
UK£61.7m
UK£66.9m
UK£70.1m
UK£73.2m
UK£76.1m
UK£78.8m
UK£81.5m
UK£84.2m
UK£87.0m
Growth Rate Estimate Source
Analyst x6
Analyst x6
Analyst x5
Est @ 4.90%
Est @ 4.33%
Est @ 3.93%
Est @ 3.65%
Est @ 3.45%
Est @ 3.31%
Est @ 3.22%
Present Value (£, Millions) Discounted @ 8.7%
UK£49.0
UK£52.2
UK£52.0
UK£50.2
UK£48.1
UK£46.0
UK£43.9
UK£41.7
UK£39.7
UK£37.6
(“Est” = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF) = UK£460m
The second stage is also known as Terminal Value, this is the business’s cash flow after the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country’s GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (3.0%) to estimate future growth. In the same way as with the 10-year ‘growth’ period, we discount future cash flows to today’s value, using a cost of equity of 8.7%.
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= UK£1.6b÷ ( 1 + 8.7%)10= UK£675m
The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is UK£1.1b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of UK£3.5, the company appears a touch undervalued at a 27% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula – garbage in, garbage out.
LSE:BYIT Discounted Cash Flow December 6th 2025
We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don’t agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company’s future capital requirements, so it does not give a full picture of a company’s potential performance. Given that we are looking at Bytes Technology Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we’ve used 8.7%, which is based on a levered beta of 1.126. Beta is a measure of a stock’s volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Check out our latest analysis for Bytes Technology Group
Strength
Weakness
Opportunity
Threat
Whilst important, the DCF calculation shouldn’t be the only metric you look at when researching a company. It’s not possible to obtain a foolproof valuation with a DCF model. Preferably you’d apply different cases and assumptions and see how they would impact the company’s valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price sitting below the intrinsic value? For Bytes Technology Group, we’ve put together three fundamental factors you should further examine:
Risks: Consider for instance, the ever-present spectre of investment risk. We’ve identified 1 warning sign with Bytes Technology Group , and understanding this should be part of your investment process.
Future Earnings: How does BYIT’s growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.
Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!
PS. Simply Wall St updates its DCF calculation for every British stock every day, so if you want to find the intrinsic value of any other stock just search here.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Becky Forster said the Small Business Saturday event was about backing “the little guy”
People have been urged to shop local this weekend as Small Business Saturday shines a spotlight on small firms from artisan makers to family-run shops.
As well as pop-up events, seasonal entertainment is offer on many of the region’s high streets in a bid to encourage shoppers to venture offline.
One council said the aim was to have a “a lasting impact on small businesses” not just a short-term boost.
Events this weekend follow a recent visit by Business Minister Blair McDougall, who acknowledged that small firms often faced different challenges to larger companies, but that the government was trying to help, with measures in the Budget targeting sectors such as hospitality.
However recent increases in the national minimum wage and employers’ National Insurance contributions, as well as energy and food price rises have affected businesses big and small.
Among the events this Saturday is one by Black Country Artisan Fairs, which will feature 36 artists and makers selling handmade goods at Wolverhampton’s Mander Centre.
Organiser Becky Forster said the whole point was to “support the little guy”.
Handout
Pop-up events allow local makers to sell their products without having the expense of a shop
“Feedback from the shops and shoppers is always so positive. We bring people back to the high street,” she said, adding that pop-up events offered a platform for sellers who could not afford to run a shop because of business rates.
Ms Forster has a stall named That’s Sew Becky, selling clothing and accessories, using leftover fabrics to cut down waste.
Other traders include knitting and crochet makers, artists, a florist and a baker, and jewellery designers including fellow organiser Dave Hubble, who runs Wyrdwood with his wife Sandra.
Success stories in the West Midlands include Elite Hampers in Telford, which was one of the 100 businesses promoted by the Small Business Saturday campaign this year.
The campaign also highlighted Impressums Jewellery and occasionwear clothing company Diffuse Retail, both in Warwickshire, and Noah’s Art in Birmingham, which makes keepsakes and wedding decor.
Jeevan Punj, who founded Elite Hampers gifting service, was at the House of Lords and Number 11 Downing Street to meet the Chancellor on Tuesday, as part of a Small Business Saturday event.
She described how she started her career in healthcare as an optician, but, after a change of heart during the Covid pandemic, set up Elite Hampers in 2021.
Handout
Jeevan Punj is sending hampers to 10 small businesses on Saturday as gifts
“I like to give, to make something and give it to somebody,” she said.
One night she registered her business with Companies House and said she then had to work out what to do.
‘Imposter syndrome’
Ms Punj said she got an alcohol licence and 5* food hygiene rating, and went on to create hampers that mostly contain food and drink, but, as bespoke gifts, can also include anything from pens to diaries.
She said it was easy to get nervous and many small businesses had “imposter syndrome”, but she said: “You’re capable of so much more than you know.”
On Saturday, she is sending hampers as gifts to 10 other small businesses.
Her key message for Small Business Saturday was “try to support your local small business as much as possible, whether online or on the high street, because we want to help the economy and support local people”.
Handout
Small businesses include a variety of sectors, from artists and designers to restaurants and bars
Staffordshire County Council said small firms made up nearly 90% of companies in the area and were “vital” to the local and UK economy.
Council deputy leader Martin Murray urged residents to go out and support local businesses, but added: “We’re also reminding small business owners of our extensive range of business support available right now.”
Meanwhile, Visit Worcestershire said 78% of local enterprises employed fewer than five people and the county was “shaped by its micro-business community”.
The tourism body has showcased a family-run pottery studio, Honeybourne Pottery, owned by Annabel and Alan Cusack in Honeybourne High Street, on the border of Worcestershire and Gloucestershire.
Mr Cusack said Small Business Saturday “really helps put local makers on the map”.
“It brings new faces into the studio and encourages people to try something hands-on, which is what we’re all about,” he said. “That support means the world to small businesses like ours.”
Independent studios and small businesses gave character and life to communities, he added, and helped to keep villages and towns vibrant.
“Every purchase, booking and visit makes a real difference to the people behind the business,” he said. “For us it’s about sharing our craft.”
Getty Images
Christmas markets can be a good way of small firms reaching shoppers
Business Minister Blair McDougall visited Stoke-on-Trent on Thursday, describing its “enormous economic potential”.
He said there were a lot of issues facing small firms such as dealing with late payments from larger companies which he described as “crippling for a small business”.
He also highlighted the importance of finance to help them grow.
“For our part as government, we are trying to reform business rates and give more relief to people, you saw that in the budget with particularly additional help for hospitality businesses,” he said.
However hospitality firms have also been disproportionately affected by consecutive rises in the national minimum wage.
Other small businesses have said they wanted to see a cut in red tape as well as less tax.
Blair McDougal visited businesses in Stoke-on-Trent on Thursday
Warwickshire County Council described small businesses as “the backbone of our communities”.
Councillor Rob Howard said Small Business Saturday was a “fantastic opportunity to shine a spotlight” on them.
On Saturday, a series of pop-up shops will open their doors in Rugby, while Warwick will have free parking, horse and carriage rides and a Christmas Fun Day showcasing 22 independent businesses.
The Smith Street Christmas Market is also taking place in the city with local traders offering gifts, seasonal food and mulled wine.
Tamworth Borough Council is offering free parking in council-run car parks on the three Saturdays before Christmas – on 6, 13 and 20 December.
Councillor Nova Arkney said: “We hope to boost trade, attract more visitors and give people the opportunity to enjoy Tamworth’s fantastic festive atmosphere.”
Fanuc (TSE:6954) just jumped nearly 13% after unveiling a collaboration with Nvidia to build industrial robots powered by physical AI, a move that immediately sharpened investor focus on its long term growth story.
See our latest analysis for Fanuc.
That surge has come on top of already strong momentum, with a 7 day share price return of 18.0% and a 90 day share price return of 44.3%. The 1 year total shareholder return of 52.4% signals investors are steadily warming to Fanuc as physical AI moves from concept to commercial reality.
If this kind of AI driven robotics story has your attention, it could be a good moment to explore other high growth tech and AI names through high growth tech and AI stocks.
But after such a sharp rerating and a share price now sitting above the average analyst target, is Fanuc still trading below its long term potential, or is the market already baking in years of physical AI growth?
Fanuc last closed at ¥5,931, and its current valuation implies a rich price-to-earnings multiple of 35.2x, well above most Machinery peers.
The price-to-earnings ratio compares what investors pay today with the company’s current earnings. It is a key yardstick for mature, profitable industrial names like Fanuc. A higher multiple usually signals that the market expects stronger or more resilient earnings than the average company in the same sector.
In Fanuc’s case, earnings have grown faster than the broader Machinery industry over the past year and have compounded at roughly mid single digits over five years, with margins improving and earnings quality described as high. However, that earnings profile sits against forecasts for only mid single digit annual profit growth and a return on equity that is expected to remain in single digits, which is modest relative to what such an elevated multiple would normally imply. At the same time, our SWS DCF model flags that the current ¥5,931 share price is trading well above an estimated fair value of ¥3,707.35, indicating a substantial premium to the cash flows implied by those growth expectations.
Compared to the Japanese Machinery industry average P/E of 12.6x and a peer average of 24x, Fanuc’s 35.2x stands out as significantly higher, suggesting investors are paying a steep premium for its role in physical AI and industrial automation. Versus an estimated fair price-to-earnings ratio of 25.2x, the current market multiple also sits notably above the level our fair ratio work indicates the stock could gravitate toward over time if sentiment or growth expectations cool.
Explore the SWS fair ratio for Fanuc
Result: Price-to-Earnings of 35.2x (OVERVALUED)
However, slowing earnings growth or a reversal in physical AI enthusiasm could quickly pressure Fanuc’s premium valuation and compress its elevated multiples.
Find out about the key risks to this Fanuc narrative.
Our SWS DCF model paints a tougher picture, suggesting Fanuc is overvalued with a fair value estimate of ¥3,707.35 versus the current ¥5,931 share price. If cash flows do not accelerate meaningfully, today’s enthusiasm could leave late buyers exposed.
Look into how the SWS DCF model arrives at its fair value.
6954 Discounted Cash Flow as at Dec 2025
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Fanuc for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 906 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
If you see the story differently or want to dig into the numbers yourself, you can build a custom view in minutes, Do it your way.
A great starting point for your Fanuc research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
Do not stop at Fanuc. Use the Simply Wall Street Screener now to uncover focused opportunities that match your strategy before other investors catch on.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 6954.T.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Marsh & McLennan Companies (MMC) has been drifting lower this year, with the stock down roughly 14% year to date despite steady revenue and earnings growth, which sets up an interesting valuation check.
See our latest analysis for Marsh & McLennan Companies.
With the latest share price around $181.82 and a 90 day share price return of about negative 11 percent, momentum has clearly cooled, even though the five year total shareholder return near 70 percent still points to a solid long term compounding story.
If MMC’s recent wobble has you rethinking where you want steady compounding, it could be worth exploring fast growing stocks with high insider ownership for other ideas with strong alignment between management and shareholders.
So with Marsh & McLennan still growing earnings while trading roughly 30 percent below some intrinsic estimates, are investors getting a quality compounder at a discount, or is the market already pricing in its future growth?
Compared to the last close at $181.82, the most widely followed narrative sees Marsh & McLennan’s fair value materially higher, framing today’s pullback as an opportunity rather than a warning.
Strategic investments in digital transformation, advanced analytics, and AI (e.g., proprietary data tools for risk modeling, agentic interfaces) are expected to enhance operational efficiency and improve product/service offerings, enabling margin expansion and net earnings growth through improved client retention and lower cost to serve.
Read the complete narrative.
Want to see what happens when steady mid single digit growth meets rising margins and a richer earnings multiple usually reserved for faster growing sectors? The narrative leans on a bold earnings trajectory, firmer profitability and a premium valuation years from now, all reverse engineered into today’s fair value. Curious how those assumptions stack up against the current softer property and casualty backdrop and slower consulting demand?
Result: Fair Value of $212.35 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, softer property and casualty pricing and weaker discretionary consulting demand could cap margins and derail the premium multiple implied in this narrative.
Find out about the key risks to this Marsh & McLennan Companies narrative.
On simple earnings maths, Marsh & McLennan looks much richer than its sector, trading on 21.6 times earnings versus 12.8 times for the US Insurance industry, and above a 14.8 times fair ratio the market could drift toward. Is that premium resilience, or valuation risk building?
See what the numbers say about this price — find out in our valuation breakdown.
NYSE:MMC PE Ratio as at Dec 2025
If you are not convinced by this view, or would rather dig into the numbers yourself, you can build a custom narrative in under three minutes: Do it your way.
A great starting point for your Marsh & McLennan Companies research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
Before you move on, lock in your next opportunity by using our screeners to uncover stocks that could refresh your watchlist and strengthen your portfolio.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MMC.
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