Alphabet Inc. GOOGL

Key Assumptions: Revenue growth anchored to trailing 5-year CAGR of ~12% with deceleration over the projection period; capex intensity elevated at ~20% of revenue reflecting massive AI infrastructure buildout seen in the most recent year (capex jumped from ~$32B to ~$91B); operating margins normalize from the recent 32% level with bear case reflecting competitive pressure and regulatory headwinds while bull case captures AI monetization upside. WACC derived from CAPM with 5.5% ERP, adjusted modestly across scenarios to reflect differing risk profiles. D&A assumed to ramp significantly given the capex surge, partially offsetting margin expansion from operating leverage.