Chart 03 — Bull / Base / Bear Scenarios
Three Futures. One Price. Which Do You Believe?
FY2027 scenario modelling with implied stock prices at current ~$945 entry · Probability-weighted
▲ Bull Case · 30–35% Prob
The Full Acceleration
FY2027 Revenue$5.5B+
Non-GAAP OpM32–35%
Non-GAAP EPS~$22
Exit Multiple40–50x
TriggerOCS hits $1B ARR, 1.6T demand further beats
$1,200–1,400
+27% to +48% from today
→ Base Case · 40–45% Prob
Consensus Plays Out
FY2027 Revenue$4.2–4.5B
Non-GAAP OpM27–30%
Non-GAAP EPS~$15
Exit Multiple55–65x
TriggerAnalyst consensus realised, no surprises
$960–1,100
+2% to +16% from today
▼ Bear Case · 20–25% Prob
The Air Pocket
FY2027 Revenue$3.0–3.5B
Non-GAAP OpM15–18%
Non-GAAP EPS~$7
Exit Multiple30–40x
TriggerHyperscaler capex pause + multiple de-rate
$450–$622
-34% to -52% from today
← Dashed orange line = current price $945
CURIOUS INVESTING INSIGHTS