ABT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($114.12)
DCF	$60.55	-46.9%
Graham Number	$50.12	-56.1%
Reverse DCF	—	implied g: 15.5%
DDM	$51.91	-54.5%
EV/EBITDA	$114.49	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $6.29B

Near-term growth (yrs 1–5)(%)Rev: 4.4% / EPS: -80.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.83%

Computed WACC: 7.83%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)93.35%

Debt weight (D/V)6.65%

Results

Intrinsic Value / share$74.66

Current Price$114.12

Upside / Downside-34.6%

Net Debt (used)$5.20B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$61.09	$74.05	$89.13	$106.58	$126.68
8.0%	$49.69	$60.12	$72.24	$86.24	$102.35
9.0%	$41.79	$50.47	$60.55	$72.18	$85.54
10.0%	$35.99	$43.40	$51.98	$61.87	$73.23
11.0%	$31.55	$37.98	$45.43	$54.00	$63.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.72

Book Value / share($)Yahoo: $30.02

Results

Graham Number$50.12

Current Price$114.12

Margin of Safety-56.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.83%

Terminal growth rate(%)

Computed WACC: 7.83%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)93.35%

Debt weight (D/V)6.65%

Results

Current Price$114.12

Implied Near-term FCF Growth11.8%

Historical Revenue Growth4.4%

Historical Earnings Growth-80.9%

Base FCF (TTM)$6.29B

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: $2.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.91

Current Price$114.12

Upside / Downside-54.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $12.03B

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $5.20B

Results

Implied Equity Value / share$114.49

Current Price$114.12

Upside / Downside+0.3%

Implied EV$204.14B

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

Mult \ Net Debt	$3.20B	$4.20B	$5.20B	$6.20B	$7.20B
13.0x	$87.94	$87.36	$86.79	$86.21	$85.64
15.0x	$101.79	$101.21	$100.64	$100.06	$99.49
17.0x	$115.64	$115.06	$114.49	$113.91	$113.34
19.0x	$129.49	$128.91	$128.34	$127.76	$127.19
21.0x	$143.34	$142.76	$142.19	$141.61	$141.04

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