AAP — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($51.21)
DCF	$-118.22	-330.9%
Graham Number	$30.52	-40.4%
Reverse DCF	—	—
DDM	$20.60	-59.8%
EV/EBITDA	$51.21	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$260.25M

Near-term growth (yrs 1–5)(%)Rev: -1.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.66%

Computed WACC: 3.66%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)35.23%

Debt weight (D/V)64.77%

Results

Intrinsic Value / share$-472.71

Current Price$51.21

Upside / Downside-1023.1%

Net Debt (used)$2.54B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-118.87	$-134.38	$-152.42	$-173.30	$-197.34
8.0%	$-105.23	$-117.71	$-132.21	$-148.96	$-168.24
9.0%	$-95.77	$-106.17	$-118.22	$-132.13	$-148.12
10.0%	$-88.83	$-97.70	$-107.97	$-119.80	$-133.39
11.0%	$-83.52	$-91.22	$-100.13	$-110.39	$-122.14

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $1.13

Book Value / share($)Yahoo: $36.63

Results

Graham Number$30.52

Current Price$51.21

Margin of Safety-40.4%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.66%

Terminal growth rate(%)

Computed WACC: 3.66%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)35.23%

Debt weight (D/V)64.77%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$51.21

Implied Near-term FCF Growth—

Historical Revenue Growth-1.2%

Historical Earnings Growth—

Base FCF (TTM)-$260.25M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$51.21

Upside / Downside-59.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $473.00M

Target EV/EBITDA multipleCurrent: 11.9×

Net Debt($B)Default: $2.54B

Results

Implied Equity Value / share$51.21

Current Price$51.21

Upside / Downside-0.0%

Implied EV$5.61B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$536.00M	$1.54B	$2.54B	$3.54B	$4.54B
7.9x	$53.00	$36.37	$19.73	$3.09	$-13.55
9.9x	$68.74	$52.11	$35.47	$18.83	$2.19
11.9x	$84.49	$67.85	$51.21	$34.57	$17.93
13.9x	$100.23	$83.59	$66.95	$50.31	$33.67
15.9x	$115.97	$99.33	$82.69	$66.05	$49.41

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