Hold META by Oct 27, 2026.

Down about 8% after hours and 30% off its highs. Just running some quick numbers. I can see Free Cash flow going negative during the AI buildout. Should CAPEX start to normalize (from 135% OCF in FY28 to 70% OCF by FY30) we could be looking at a high quality company trading at a 13% discount to intrinsic value indicating about a 10% IRR over 12 years (7 year DCF with a second stage shelf growing at 6%). Discount Rate: …