Coursera, Inc.

AI-generated fair value estimate for this company.

Method: 10-year DCF on a normalized unlevered FCF base of $60M (well below the pre-merger FY2025 level of $107.2M and above the TTM figure of $33.4M, which is depressed by Udemy-merger integration costs); FCF growth 15% years 1-3, 10% years 4-6, 6% years 7-10; 10% discount rate; 4% terminal growth reflecting continued online-learning secular demand; net cash ~$900M; ~270M diluted shares.

Reasoning: Coursera's TTM free cash flow is understated by one-time Udemy-merger integration and transaction costs, so a normalized base between the depressed TTM figure and the pre-merger run-rate was used; the company's large net-cash position (roughly 70% of market cap) is the dominant driver of the resulting value, which is well above the current share price.