What is Deluxe Corp worth?
With the base-case assumptions below, a discounted cash flow model on Deluxe Corp's reported free cash flow gives $35.51 per share. The share price was $24.33 on September 25, 2026, 31% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.5% | 10.0% | $11.58 | -52% |
| Base | 3.5% | 9.0% | $35.51 | +46% |
| Bull | 8.5% | 8.0% | $83.20 | +242% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $52.84 | $58.09 | $64.50 | $72.51 | $82.82 |
| 8.0% | $39.94 | $43.34 | $47.36 | $52.19 | $58.08 |
| 9.0% | $30.50 | $32.82 | $35.51 | $38.64 | $42.34 |
| 10.0% | $23.29 | $24.94 | $26.82 | $28.96 | $31.43 |
| 11.0% | $17.61 | $18.82 | $20.18 | $21.70 | $23.43 |
Where the presets come from
Base: years 1 to 5 grow at Deluxe Corp's revenue growth rate over the last 5 fiscal years (3.6% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions