Great article Janelle, thank you for sharing.

Regardless of how you you include in the valuation, the dilution from SBC somehow it must be included (which even some Wall Street analysts didn’t). Under the same dilutive assumptions the valuation should not change.

I personally think the FCF per share focus is the best way because it preserves the idea that the company produces cash (net cash increases), yet that value is not fully captured by equity holders (https://palantirbullets.substack.com/p/why-99-of-palantir-dcfs-fail).

Looking forward for your second part!

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