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The blend of the returns debt and equity investors require, weighted by how much of the company each of them funds. It is the price of waiting: at 9% a dollar arriving in five years is worth 65 cents today, at 12% it is 57. That difference is why a quarter-point moves the price more than most operating assumptions do.
This is the base case, so every bar between the ends is zero and the price is the base price. Move one slider and its bar becomes the part of $46.82 that assumption is responsible for. The terminal value is already 75% of it. Most of this valuation is a claim about the years nobody forecast.
Move WACC, growth or margin and the bridge shows what each assumption is worth per share.
A discounted cash flow turns a few guesses into one confident number. The skill is knowing which guesses it is made of. The bridge below separates them: move the discount rate, growth or margin and see what each is worth, and how much of the answer is terminal value, a claim about years nobody forecast.
You describe the goal in your own words and the plan asks questions back until it is one you would follow. Goals usually look like these.
There is no fixed syllabus. The plan is built around your goal and drops what it does not need. These are the topics it draws from.
Each one has its own lesson block to try.
See how it works and what it costs.