$TEM pting Tempus AI, Inc. Class ABATS:TEMDillyDallyGallyTEM is the one name where revenue multiples are appropriate. The right frame is to value the two engines separately — Diagnostics as a clinical-lab/dx business (mid multiple), Data & Applications as a high-margin data/AI franchise (premium multiple). The swing factor is the multiple the market assigns Data, which is a direct function of how much it trusts the revenue quality. Scenario ($/share)BearBaseBull Blue sky Diagnostics (EV/sales)3.0×4.5×5.0×5.5× Data & Apps (EV/sales)6×10×14×18×+ Implied growth held~15%~22%~25%re-accel Fair value / share~$35~$58~$81~$115 Return vs ~$50 spot−30%+16%+62%+130% Street referenceconsensus ~$67 · TD Cowen $76 (Hold) · BTIG $105 (Buy)