Throwing the mix from Part 2 onto a spreadsheet, Google's fair enterprise value is median estimated at $459.2 billion. This offers a 7% undervaluation based on the today's company value of $429.8 billion. After debt and excess cash adjustments, Google's market capitalization projects out to a fair market value of $527.3 billion, or a price of $767 per share, or 6.2% undervaluation. With built-in sensitivity considerations (long-term growth rate, g, is assumed at 2.4% and adjusted by +/- 50 basis points accordingly): WACC adjusted by +/- 50 bps:(Images source: author) This, again, assumes constant 10% YOY revenue growth over the next ten years (in other words, $214 billion by the FY2026) and no erosion in the company's margins over that same period, as I believe Google's market position in the ad space is relatively safe due to factors of brand name, business model (a form of social monopoly), and high barriers to entry. Usually with just 5%-6% upside based on projections, using non-overly conservative assumptions, I would probably be ready to sell the position as soon as that spread closes. But for two reasons I feel comfortable with letting the position run (likely) through this quarter (barring any notable news item), even if this $767 price target is achieved.