Great business, but priced for perfection.
No conviction — the council would not put money behind this at today's price.
The patience price is where value discipline would let the council in — deliberately strict: we'd rather miss ten winners than own one loser.
At this price the stock trades at ≈ 3.9× our fair-value estimate — the council would need a far lower price before value discipline lets it in. A target is an estimate, not a promise — the estimate can be wrong too.
MoS = (FV − price) / FV — it can fall below −100% for richly priced names. Raw value here: -295.2%.
Margin of safety by scenario
none yet
A catalyst is a plausible reason the gap could close — never a certainty.
Check another stock
Each column is the discount to that scenario's fair value. The bear column is the one that matters most — a wide bear-case cushion is what lets the council own a name through a bad year. Where a cell shows ≈N× FV, the price is that many times the scenario's fair value (MoS below −100%).