Once Intrinsic has a blended intrinsic value, the verdict badge is just that estimate compared to the current market price, sorted into four named bands.
Price / IV <= 0.65 -> Fat Pitch
Price / IV <= 1.00 -> Fair Value
Price / IV <= 1.30 -> Overpriced
Price / IV > 1.30 -> Speculative
Fat Pitch borrows Buffett's baseball metaphor — a pitch (price) so favorable relative to value that a disciplined investor should be willing to swing. It means the market price sits at 65% or less of the estimated value: a wide, explicit margin of safety.
Fair Value means the price roughly matches the estimate — not necessarily a bad price, just not an obviously discounted one.
Overpriced and Speculative mean the market is paying more for the business than this conservative framework thinks it's worth — modestly more (Overpriced) or a lot more (Speculative), often because the market is pricing in growth or multiple expansion beyond what a conservative model will assume by default.
An important caveat. These labels describe the relationship between price and this tool's conservative estimate — not a prediction of what the stock will do next. A "Speculative" stock can keep going up for a long time; a "Fat Pitch" can keep getting cheaper. The badge is a starting point for judgment, not a signal to act on.