What have you actually learned about intrinsic value?

You started not knowing how to value a business; you finish able to build a DCF and, more importantly, able to distrust it intelligently.

The four movements, in one breath

The idea of intrinsic value. A business is worth the cash it will hand its owners over time, restated into today's money. Price is a vote; value is a weighing. Time has a price — a future euro is worth less than a present one, and discounting is how we exchange between them. FCFF values the whole firm (then subtract net debt); FCFE values equity directly. And a DCF is a mirror for your assumptions, never a crystal ball.
Forecasting cash flows. Firm-level free cash flow ≈ operating cash flow + after-tax interest paid − capex — real spendable cash, not accounting profit, and rebuilt to the firm level because the reported operating line is already net of interest. You forecast a few years explicitly from a handful of honest drivers (growth, margin, horizon), anchored to history and faded toward the economy, and you smell-test it against absurdity and wishful thinking.
Discount rate and terminal value. The discount rate is a required return — a safe rate plus a risk premium; WACC blends the cost of equity and debt by their weights. Terminal value captures everything past the forecast, and it's usually the largest and least reliable piece of the answer.
Sensitivity and humility. Small, defensible changes to the discount rate or terminal growth swing the value dramatically. So you report ranges and scenarios, demand a margin of safety, and reverse the model to read the expectations already baked into the price.

The one sentence to keep

If you remember nothing else: a DCF is a disciplined way to make your assumptions visible and argue with them — not a machine that predicts what a stock is worth. Its value is the clarity it forces, not the number it prints.

The non-negotiable framing

Everything here is education, not advice. "Intrinsic value above price" is an observation that your assumptions differ from the market's — one of you is wrong, and humility says it might be you. It is never, on its own, a reason to buy. Tickers were illustrations; your assumptions are the real subject.

Before you sit it

Each of these is a minute at your desk. Any one that is not names the lesson to reopen first.

Discount €100 arriving in three years at 10%, roughly, without a calculator — What is a future euro worth today, and why does it matter for stocks?
Say what a growth assumption has to be anchored to before it is allowed in a model — How do you forecast the next few years of cash without pretending to know the future?
Say what WACC blends, and what decides the weights — How do you blend the cost of debt and equity into one discount rate?
Say what a margin of safety protects you from — Why do careful investors demand a margin of safety?

Try it now

From memory first: name the five steps that turn a cash-flow forecast into an intrinsic value per share — discount the years, discount the terminal value, sum to enterprise value, subtract net debt, divide by shares.

Then do it in fifteen minutes on a new company. Everything a first pass at Coca-Cola needs is in one table:

Live API response: fa1 coca cola dcf inputs

The cash. Five years of free cash flow, with the latest year's operating cash flow and capital expenditure above them. Pick a normal free cash flow and a growth rate you can defend; if one year sits far from the others, find out why before you average it in.
The rate. Read the safe-rate floor off the yield series:

Interactive line chart: US10Y.GBOND (5Y)

then add a risk premium, sanity-checked against the beta row in the table. Round it. 3. The bridge. Net debt and shares outstanding, both in the table. Enterprise value minus net debt, divided by shares. 4. The comparison. Market capitalisation, the last row. Sketch a ±1-point sensitivity range around your base case and place the market inside it — speed over precision, range over point. 5. Say the course's closing line out loud: "A DCF shows me my assumptions, not the future — so I report a range, keep a margin of safety, and never read 'value above price' as 'buy'." Then take the checkpoint quiz.

A note on what we do here. EODHD Academy teaches how valuation works, using real market data as a laboratory. Nothing here is a recommendation to buy or sell anything. A DCF's job is to make your reasoning explicit and testable — the humility is the point.