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GEV · Forward model · Intersegment eliminations · Bull case

What has to happen in Intersegment eliminations

Model as of

This page changes Intersegment eliminations inside the complete GEV model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

GEV forward model
Horizon
Consolidated fair value $1,049.79 all other verticals held in this portfolio case
Final-quarter revenue −$52M -0% of company revenue
Explicit segment contribution −$14M EBITDA less segment capex, before corporate items

The order book keeps compounding, the ramp is pulled forward, Power and Electrification reach their 22% margins on schedule and the multiple holds at 22x. The evidence is the rate of change: gas equipment under contract went from 100 GW to 116 GW in a single quarter, the year-end 2026 target was raised from 110 GW to 125 GW in three months, and Electrification data-centre orders passed $5bn in the first half, more than double all of 2025. Fair value $1,049.79, 16.8% above the traded price - this is the only case in the model that justifies the current price, and it needs both the growth and the multiple.

Intersegment eliminations

Basis quarter−$36M
Final quarter−$52M
Final revenue mix-0%

A negative reconciling line rather than a business. GE Vernova reports segment revenue INCLUDING intersegment sales, so the three segments over-sum consolidated revenue; this line carries the difference so the model's total equals reported revenue exactly in all nine quarters.

Last four quarters
2025 Q3 −$117M Estimated
2025 Q4 −$121M Estimated
2026 Q1 −$23M Estimated
2026 Q2 −$36M Estimated
Intersegment eliminationsUnallocated corporate revenue
Sequential growth +1.0%/qtr decaying toward +1.0% Holds the reconciler near its recent magnitude; it has shrunk from about $120m to under $40m.
Intersegment eliminations

Latest: −$52M (2031Q2E)

Period Value
2024Q2 −$103M
2024Q3 −$112M
2024Q4 −$162M
2025Q1 −$120M
2025Q2 −$93M
2025Q3 −$117M
2025Q4 −$121M
2026Q1 −$23M
2026Q2 −$36M
2026Q3E −$37M
2026Q4E −$37M
2027Q1E −$38M
2027Q2E −$39M
2027Q3E −$39M
2027Q4E −$40M
2028Q1E −$41M
2028Q2E −$42M
2028Q3E −$42M
2028Q4E −$43M
2029Q1E −$44M
2029Q2E −$45M
2029Q3E −$45M
2029Q4E −$46M
2030Q1E −$47M
2030Q2E −$48M
2030Q3E −$49M
2030Q4E −$50M
2031Q1E −$51M
2031Q2E −$52M

Assumptions & reasoning

  • Every point on this line is DERIVED, not reported, and is marked estimated for that reason: it is reported consolidated revenue minus the sum of the three reported segments. GE Vernova discloses the input directly - intersegment sales were $44m in the basis quarter against $92m a year earlier - which is what this line is made of.
  • The line ranged from $(23)m to $(162)m across the nine standalone quarters, under 1.5% of revenue in every one of them and under 0.4% in the last two. It carries no margin and no capex because corporate cost is handled once, in the corporate overhead assumption, and double-counting it here would understate EBITDA.
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