UPDATED · TEAM OUTPUTS · v2

UPDATED – Pre-open fair value report – 2026-11-11

Re-run on 2026-11-11 (Veterans Day: stock market open, bond market closed) using the three teammate bots' outputs, replacing this morning's coordinator-estimated version. Prices are the latest Yahoo Finance pre-market prints at 9:13–9:17 AM ET (7:13–7:17 AM MST, Phoenix); calls use those prices. New standing defaults applied: stock-based compensation (SBC) is a cash cost in every DCF, and diluted share counts are preferred. AMZN and SPCX DCFs are not meaningful (negative FCF), so their fair value is relative-only.

Summary

Ticker	Price (pre-mkt)	DCF bear / base / bull	Relative low / mid / high	Blended FV	Up/down	Margin of safety	Call
CRM Salesforce	$214.22 9:13 ET · close $213.48	$116.56 / $190.37 / $233.28	$208.04 / $283.92 / $363.77	$237.14*	+10.7%	+9.7%	Fair
NOW ServiceNow	$100.67 9:16 ET · close $99.61	$29.06 / $48.15 / $59.40	$58.86 / $69.75 / $98.23	$58.95*	-41.4%	-70.8%	Rich
ADBE Adobe	$235.24 9:16 ET · close $236.70	$200.49 / $289.72 / $335.18	$355.25 / $451.21 / $573.23	$370.47*	+57.5%	+36.5%	Cheap
AAPL Apple	$348.30 9:17 ET · close $348.51	$89.28 / $127.52 / $148.98	$171.39 / $198.92 / $343.75	$163.22*	-53.1%	-113.4%	Rich
NVDA NVIDIA	$174.42 9:17 ET · close $168.89	$57.49 / $119.52 / $146.38	$211.26 / $333.41 / $549.65	$226.46*	+29.8%	+23.0%	Cheap low conf.
AMD Advanced Micro Devices	$545.47 9:17 ET · close $515.21	$34.53 / $65.68 / $78.53	$245.08 / $319.38 / $446.17	$192.53*	-64.7%	-183.3%	Rich low conf.
SPCX Space Exploration Technologies (SpaceX)	$142.50 9:17 ET · close $143.09	n/m (negative FCF)	$58.24 / $117.57 / $193.38	$117.57*	-17.5%	-21.2%	Fair low conf.
GOOG Alphabet	$287.60 9:17 ET · close $284.92	$46.30 / $83.89 / $101.96	$288.15 / $348.54 / $415.64	$216.21*	-24.8%	-33.0%	Rich low conf.
AMZN Amazon	$272.71 9:16 ET · close $270.87	n/m (negative FCF)	$277.02 / $291.12 / $343.11	$291.12*	+6.8%	+6.3%	Fair low conf.

* Indicative only: DCF and relative differ by more than 25%, or relative-only (AMZN, SPCX). Ranges are $ per share.

What changed vs this morning's version

This morning's 7:15 AM ET report used coordinator estimates (DCF without SBC, coordinator comps). This version uses the teammates' work with SBC as a cash cost, so DCF values are much lower across the board.

Ticker	This morning	Now (v2)	Change
CRM	Cheap FV $272.17, +27.4%	Fair FV $237.14, +10.7%	Cheap → Fair
NOW	Fair FV $95.31, -5.2%	Rich FV $58.95, -41.4%	Fair → Rich
ADBE	Cheap FV $406.37, +72.8%	Cheap FV $370.47, +57.5%	no change
AAPL	Rich FV $177.43, -48.8%	Rich FV $163.22, -53.1%	no change
NVDA	Cheap FV $226.00, +29.1%	Cheap FV $226.46, +29.8%	no change
AMD	Rich FV $164.76, -70.0%	Rich FV $192.53, -64.7%	no change
SPCX	Rich FV $74.50, -49.5%	Fair FV $117.57, -17.5%	Rich → Fair
GOOG	Fair FV $267.51, -6.9%	Rich FV $216.21, -24.8%	Fair → Rich
AMZN	Rich FV $210.01, -22.5%	Fair FV $291.12, +6.8%	Rich → Fair

Per-ticker notes

CRM Salesforce Fair · FV $237.14 vs $214.22 (+10.7%)

Relative mid $283.92 (large-cap software peers, 4 multiples; NTM P/E 13.2x vs peer median 16.8x) sits well above price; the SBC-adjusted DCF base ($190.37) sits below it.
DCF: WACC 9.89%, FCF margin after SBC 26.1% TTM; price implies a 28.8% after-SBC margin. Sensitivity $154.45–$244.41.
⚑ DCF vs relative differ 33% (>25%): blended value indicative only.
⚑ Earnings Wed Dec 2, 2026 after the close (confirmed).
⚑ Net debt about $31.0B.

NOW ServiceNow Rich · FV $58.95 vs $100.67 (-41.4%)

Relative mid $69.75 (NTM P/E 21.3x vs software peer median 14.3x) and DCF base $48.15 are both below price.
DCF: WACC 9.49%, TTM after-SBC FCF margin 15.7% (SBC is a large cost here); price implies 32.1%. Sensitivity $39.84–$60.97.
⚑ DCF vs relative differ 31% (>25%): indicative only.
⚑ Next earnings not confirmed (Yahoo estimate Jan 27, 2027).

ADBE Adobe Cheap · FV $370.47 vs $235.24 (+57.5%)

Only name where both methods sit above price: DCF base $289.72, relative mid $451.21 (NTM P/E 8.7x vs peer median 16.8x).
DCF: WACC 11.39%, TTM after-SBC margin 32.8% vs 26.9% implied by price. Sensitivity $250.82–$344.21.
⚑ DCF vs relative differ 36% (>25%): indicative only. DCF base alone shows +23% upside (18.8% margin of safety, just under the 20% Cheap bar).
⚑ The market is pricing much lower durability than consensus; check thesis risk (AI disruption to creative software).
⚑ Earnings Dec 9, 2026 after the close (estimated on stockanalysis).

AAPL Apple Rich · FV $163.22 vs $348.30 (-53.1%)

Both methods well below price: DCF base $127.52, relative mid $198.92 (NTM P/E 36.6x vs mega-cap/hardware peer median 18.6x).
DCF: WACC 10.33%; price implies a 70.8% after-SBC FCF margin vs 25.5% TTM. Sensitivity $108.95–$154.80.
⚑ DCF vs relative differ 36% (>25%): indicative only; Rich holds under either method.
⚑ Relative high ($343.75) stretched by a wide P/FCF spread across few peers.

NVDA NVIDIA Cheap · FV $226.46 vs $174.42 (+29.8%)

Relative mid $333.41 (NTM P/E 11.7x computed from FY1/FY2 consensus vs semi peer median 27.4x) far above price; DCF base $119.52 below it.
DCF: beta 2.25 gives a 16.1% WACC, which crushes the DCF. Sensitivity $107.85–$134.05.
⚑ DCF vs relative differ 64% (>25%): low confidence. Cheap rests on comps.
⚑ EARNINGS SOON: Tue Nov 17, 2026 after the close (in 6 days).
⚑ Pre-market +3.3% vs Nov 10 close on the chip rally (CoreWeave outlook); governance overhang from the board's independent investigation involving CEO Jensen Huang (news, Nov 11).
⚑ NTM P/E basis differs from vendor forward P/E, which pushes the relative mid up.

AMD Advanced Micro Devices Rich · FV $192.53 vs $545.47 (-64.7%)

Both methods far below price: DCF base $65.68, relative mid $319.38 (NTM P/E 31.5x vs peer median 20.4x).
DCF: beta 2.54 gives a 17.5% WACC and TTM after-SBC margin is 11.1%; price implies 92.3%. Constant-margin DCF likely understates value if margins expand. Sensitivity $60.17–$72.39.
⚑ DCF vs relative differ 79% (>25%): low confidence; Rich holds on comps alone (price 71% above relative mid).
⚑ BIG PRE-MARKET MOVE: +5.9% vs Nov 10 close (chip rally).

SPCX Space Exploration Technologies (SpaceX) Fair · FV $117.57 vs $142.50 (-17.5%)

Relative only: DCF not meaningful (TTM FCF −$39.3B, FY1 consensus FCF −$56.6B, no observed beta). DCF Analyst's mechanical output is negative and excluded.
Peer groups (low / mid / high, $/sh): aerospace/defense $33.59 / $35.45 / $43.30; satellite/comms $76.49 / $211.46 / $351.08; AI $58.56 / $74.51 / $133.19.
Blend weights checked in the analyst's file: 30% aero/defense, 40% sat/comms, 30% AI (sums to 100%; the earlier chat note listing 40% twice was a relay typo). Equal-thirds alternative for sensitivity: $56.21 / $107.14 / $175.86 (price would be 33% above that mid, just past the 30% band, i.e. Rich).
Per-share values use 13.58B shares (equals the 13.581B diluted/implied count; the 8.247B basic count was NOT used).
⚑ Low confidence: 2026 listing, sat/comms mid rests almost entirely on NTM EV/Sales (ASTS/GSAT skew), FY2 revenue consensus step-up $48.9B → $180.7B.
⚑ Call moved Rich → Fair because the analyst's 30/40/30 blend and sat/comms group are higher than this morning's coordinator estimate; price is 21% above FV, inside the 30% band.
⚑ Pre-market −0.4% vs close (it was +3.0% at 7:24 AM ET).

GOOG Alphabet Rich · FV $216.21 vs $287.60 (-24.8%)

Relative mid $348.54 (NTM P/E 18.8x vs platform peer median 24.8x) above price; DCF base $83.89 far below.
DCF is provisional: TTM FCF after SBC is negative (−2.3% margin) from AI capex, so the analyst ramps margin to the pre-surge 2025 level; terminal value is 86% of EV. Sensitivity $71.15–$102.26.
⚑ DCF vs relative differ 76% (>25%): low confidence. Rich call driven by the provisional DCF; on comps alone GOOG would be Fair (+21% upside, 17.5% margin of safety).
⚑ Next earnings date not posted.

AMZN Amazon Fair · FV $291.12 vs $272.71 (+6.8%)

Relative only: DCF not meaningful (TTM FCF −$46.9B pre-SBC after the capex step-up; base case negative even with a margin ramp).
Relative mid $291.12 uses only GOOG, MSFT and META (WMT/COST data unavailable), weights NTM P/E 40%, EV/Sales 20%, EV/EBITDA 40%.
⚑ Low confidence: peer set too software-heavy for Amazon's revenue mix; no DCF cross-check.
⚑ Call moved Rich → Fair because this morning's version leaned on a coordinator normalized-FCF DCF ($104.57) that is now dropped.
⚑ Next earnings date not posted.

Key assumptions

10Y Treasury 4.98% (Nov 10); ERP 5.0%; observed 5Y beta; cost of debt 10Y + 1.0%, 21% tax; WACC floor 8%; terminal growth 2.5% base; bear/bull = WACC ±1% plus lower/higher growth; sensitivity grid WACC ±1%, g 2.0–3.0%.
DCF FCF = OCF − capex − SBC (SBC treated as cash cost; new standing default). Start growth = 90% of the lower of consensus 3Y CAGR and FY2/FY1 growth, fading to g over 5 years.
Relative: peer 25th / median / 75th of NTM P/E, NTM EV/Sales, TTM EV/EBITDA, FY1 P/FCF; weights per ticker file.
Blended FV = 50% DCF base + 50% relative mid (relative only for AMZN, SPCX). Flag when |DCF − relative| / relative > 25%. Margin of safety = (FV − price) / FV. Cheap if price ≥20% below FV; Rich if price ≥15% above FV; SPCX uses 30% both ways.

Gaps and caveats

Relative ranges are priced off Nov 10 fundamentals/close; EV-based per-share values don't depend on price, but they were not re-scraped this morning.
Share counts: relative files used stockanalysis shares, which match Data Collector's diluted/implied counts within 0.2% for every ticker (SPCX 13.58B vs 13.581B), so no rescaling was needed. Note 'implied' shares = market cap / price, not a full treasury-method diluted count.
Method mismatch: the DCF subtracts SBC, while comps use consensus (mostly non-GAAP, SBC-excluded) EPS. That is a main reason DCF and relative differ >25% on all 7 names with a DCF; treat blended values as indicative.
No 5-year own-multiple history for any name; forward EBITDA consensus unavailable (EV/EBITDA is TTM); AMZN retail comps (WMT, COST) and SATS unavailable (GSAT used).
Cost of debt is an assumption (10Y + 1.0%); SPCX has no observed beta.

Who did what

Financial Data Collector: all inputs in data/2026-11-11/ (financials, consensus, multiples, SPCX peers, 10Y yield, earnings dates, shares), fetched 7:24 AM ET.
DCF Analyst: DCF model and SBC figures (scripts/dcf_run.py). Re-run by the Coordinator on data/2026-11-11 into dcf/2026-11-11-rerun/ (parser patched for today's file format and to use diluted/implied shares; model logic unchanged). Results match the analyst's original dcf/2026-11-11 values within ±$1.
Relative Valuation Analyst: comps ranges in relative/2026-11-11/ (peer 25th/median/75th, priced from Nov 10 fundamentals).
Fair Value Coordinator: latest prices, blending, calls, flags, share-count and SPCX-weight checks, and this report.

Sources (with timestamps)

Yahoo Finance chart API (query1.finance.yahoo.com/v8/finance/chart, 1m, includePrePost): pre-market prices 9:13–9:17 AM ET, Nov 11, 2026; Nov 10 closes.
stockanalysis.com statistics / forecast / cash-flow pages (S&P Global Market Intelligence): stats updated Nov 11, forecasts updated Jul 30–Nov 11, 2026; fetched by teammates 5:23–5:25 AM MST (7:23–7:25 AM ET) Nov 11.
Yahoo Finance quoteSummary (shares incl. impliedSharesOutstanding, beta, cash/debt, earnings calendar), fetched 7:24 AM ET Nov 11.
U.S. Treasury Daily Par Yield Curve, 10Y = 4.98% on Nov 10, 2026 (latest; no Nov 11 print, Veterans Day).
News context (chip rally on CoreWeave guidance, NVDA board investigation): Yahoo Finance / Investing.com / Anadolu Agency headlines, Nov 11, 2026 (not independently verified).

Not investment advice. This is an automated, model-driven analysis built only from public data. The numbers are estimates that depend on the assumptions above and can be wrong.