Dell forward normalized EPS valuation

Sources

1. September 28 Modeledge reference DELL stock price $543.51, retrieved 2026-09-28T16:46:38.962707-06:00; a post-session reference snapshot, not an asserted official close. Operating assumptions are unchanged except separately documented updates. (accessed 2026-09-28)
2. September 28: six director ownership reports disclose routine awards totaling 3,417 units/shares, with settlement terms differing by grant. No revised EPS guidance or material capital event; preserve $25.50 forward EPS and 22x P/E. Continue reconciliation of September notes, redemption and net interest rather than adding gross debt as unmatched cash. — modeledge.ai (accessed 2026-09-28)
3. Additional supporting record for the September 28 DELL review. — modeledge.ai (accessed 2026-09-28)
4. Additional supporting record for the September 28 DELL review. — modeledge.ai (accessed 2026-09-28)
5. Additional supporting record for the September 28 DELL review. — modeledge.ai (accessed 2026-09-28)
6. Additional supporting record for the September 28 DELL review. — modeledge.ai (accessed 2026-09-28)
7. Additional supporting record for the September 28 DELL review. — modeledge.ai (accessed 2026-09-28)
8. September 25, 2026 Model Edge reference DELL price $562.9, refreshed 2026-09-25T15:02:46.949645-06:00. This changes market-relative outputs; intrinsic changes are separately sourced. (accessed 2026-09-26)
9. The new Form 4 records a director's personal share sale; it is not issuer issuance or revised guidance. — modeledge.ai (accessed 2026-09-26)
10. September 15 8-K confirms completion of the $5B senior-note offering: $1.25B 5.1% 2029, $1.25B 5.4% 2031, $1.5B 5.6% 2033 and $1B 5.9% 2037. This resolves the prior closing question. Actual retirement of the 4.9% 2026 debt, expenses and incremental interest relative to EPS guidance still require verification. Retain FY2027 adjusted EPS $25.50 and 22x; no new guidance. Today's Silver Lake filings are one-for-one Class B-to-C conversions, distributions and holder sales, not new total economic shares. Update quote only; historical filing backlog remains. — sec.gov (accessed 2026-09-15)
11. September 15 reference DELL share price $543.51; provider quote update 2026-09-15T15:01:40.299909-06:00. Stock-price movement alone does not change the operating forecast. (accessed 2026-09-15)
12. No new operating forecast change verified. Previously announced $5B notes are expected to close September 15; do not treat them as closed cash/debt today. Historical source backlog remains. (accessed 2026-09-14)
13. September 14 Modeledge reference DELL share price $534.08 retrieved after the regular U.S. close. Quote updates affect market-relative outputs; forecast changes, if any, are separately identified. (accessed 2026-09-14)
14. September 11 Modeledge reference share price $567.14. The share quote changes market-relative outputs, not operating forecasts or intrinsic fair value. (accessed 2026-09-11)
15. September 11 final prospectus confirms $5B in four note tranches and $4.9648025B proceeds before expenses, expected September 15. Proceeds include repayment of 4.9% first-lien notes due 2026 and general corporate purposes. Do not treat the expected financing as completed or add gross issuance as net cash. Retain FY2027 adjusted EPS $25.50 and 22x P/E. Investigated +11.95% daily move; Oracle AI infrastructure growth is a plausible sector backdrop, but no verified company-specific cause or new EPS guidance was found. — sec.gov (accessed 2026-09-11)
16. September 10 Modeledge reference share price $506.68; market price alone is not used to revise operating forecasts. (accessed 2026-09-10)
17. September 10 Citi conference reiterated the existing outlook and discussed tighter 2027 supply, mid-single-digit AI server margins and operating leverage. September 9 pricing prospectus specifies $5B aggregate notes, expected September 15 settlement; the $4B feed/8-K headline is inconsistent with the explicit total and four tranches. Retain FY2027 EPS $25.50 and 22x P/E. — modeledge.ai (accessed 2026-09-10)
18. Dell reported Q1 fiscal 2027 revenue of $43.84 billion, non-GAAP diluted EPS of $4.86, and 656 million diluted weighted-average shares. — sec.gov (accessed 2026-07-18)
19. September 1: FY27 non-GAAP diluted EPS guidance midpoint rose from $17.90 to $25.50; revenue midpoint rose to $192B. Q3 diluted shares expected at approximately 651M. — investors.delltechnologies.com (accessed 2026-09-07)