RDDT → $187.00 by Nov 23, 2026.

I built a model with five scenarios off two drivers, 5-year DAUq growth and 5-year ARPU growth, compounded out, with incremental revenue converting to after-tax profit at a 40% margin (roughly double the current blended margin, which is reasonable given how much of Reddit’s cost base is already fixed). Each scenario’s Year 5 profit gets a terminal multiple that scales with how fast that scenario is growing, discounted back 5 years, plus the PV of the profit stream in years …