Intuit Inc. (INTU) Valuation
Rating: Fairly Priced (High End)
12-Month Fair Value: $389 – $419 – $444
Confidence: MEDIUM-HIGH
At $499, INTU trades at 22x EV/FCF with 5% FCF growth - appropriate discount to peers given AI disruption risk. DCF ($397) and SOTP ($442) converge around $400-440, implying 15-20% downside. Market implies 75bp lower WACC or 25% higher FCF - both require AI success that remains unproven.
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