BlackBerry Limited

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $92.1M TTM FCF base; 12% FCF growth years 1-5 (cybersecurity/IoT momentum and QNX automotive software design wins, consistent with ~12% FY2027 analyst revenue growth); 6% years 6-10; 11% discount rate (small-cap software execution risk); 3% terminal growth; $156.5M net cash added to enterprise value; 587.03M shares outstanding.

Reasoning: BlackBerry's free cash flow has only recently turned reliably positive after years of restructuring; a cash-flow-based DCF with a higher discount rate for execution and competitive risk is more disciplined than extrapolating the market's growth narrative around QNX/IoT, and better reflects its current but improving cash generation.