Continued from Part 4 -- Conclusion From these levels, Google is nearly fairly valued based on my latest estimation of its price, and I am expecting a slight additional capital appreciation. (I revised down from a previous estimate.) This is a company I expect to hold throughout the remainder of the quarter even in the event the 5%-6% gap is closed sometime in the interim. While some shareholders might quibble with the lack of a dividend despite its generation of $16 billion of unlevered free cash flow and its general disregard for debt holdings, this is a highly performing company offering a nearly unparalleled business model and ROIC of close to 30%. Its capital allocation track record includes blockbuster purchases such as Android, YouTube, and Uber. The company also has the liquidity and capital available to acquire additional growth legs throughout the tech space. Depending on the sensitivity parameters used, Google is probably fairly valued between $715-$834 per share, with a median estimate of $767.