Alcon Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $1.6B normalized FCF base (recent 2-year run-rate, close to but slightly below the $1.74B TTM figure); 8% annual growth years 1-5; 6% years 6-10; 8% discount rate; 3% terminal growth; $3.84B net debt; 483.4M diluted shares.

Reasoning: Alcon has a durable, non-cyclical installed-base and consumables (razor-and-blades) model in ophthalmic surgical devices and eye care with steady mid-to-high-single-digit revenue growth and a clear multi-year upward free-cash-flow trend, which supports both a lower discount rate than a cyclical peer and confidence in extrapolating the recent FCF trend rather than needing a heavily normalized or scenario-based base.