Biglari Holdings Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $50M normalized FCF base (TTM FCF of $50.32M); 5% annual FCF growth for years 1-5; 3% for years 6-10; 10% discount rate; 2.5% terminal growth; $15.73M net debt; 636,896 shares outstanding.

Reasoning: Biglari Holdings is a Berkshire-style diversified holding company (restaurants, insurance, and a concentrated investment portfolio) with a very small share count, so a straightforward FCF DCF on its consolidated operating cash flow is used; a 10% discount rate reflects its concentrated, single-decision-maker investment risk alongside stable restaurant/insurance cash flows.