ACCO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.96)
DCF	$11.73	+196.3%
Graham Number	$8.22	+107.6%
Reverse DCF	—	implied g: -2.6%
DDM	$6.18	+56.1%
EV/EBITDA	$4.06	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $110.35M

Near-term growth (yrs 1–5)(%)Rev: -8.8% / EPS: -55.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.36%

Computed WACC: 6.36%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)6.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)27.06%

Debt weight (D/V)72.94%

Results

Intrinsic Value / share$26.61

Current Price$3.96

Upside / Downside+572.1%

Net Debt (used)$879.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$11.92	$16.30	$21.40	$27.30	$34.10
8.0%	$8.06	$11.59	$15.69	$20.42	$25.87
9.0%	$5.39	$8.32	$11.73	$15.67	$20.19
10.0%	$3.42	$5.93	$8.83	$12.18	$16.02
11.0%	$1.92	$4.10	$6.62	$9.52	$12.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.42

Book Value / share($)Yahoo: $7.15

Results

Graham Number$8.22

Current Price$3.96

Margin of Safety+107.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.36%

Terminal growth rate(%)

Computed WACC: 6.36%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)6.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)27.06%

Debt weight (D/V)72.94%

Results

Current Price$3.96

Implied Near-term FCF Growth-10.0%

Historical Revenue Growth-8.8%

Historical Earnings Growth-55.6%

Base FCF (TTM)$110.35M

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: $0.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.18

Current Price$3.96

Upside / Downside+56.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $168.50M

Target EV/EBITDA multipleCurrent: 7.4×

Net Debt($B)Default: $879.80M

Results

Implied Equity Value / share$4.06

Current Price$3.96

Upside / Downside+2.5%

Implied EV$1.25B

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

Mult \ Net Debt	-$1.12B	-$120.20M	$879.80M	$1.88B	$2.88B
3.4x	$18.77	$7.68	$-3.42	$-14.51	$-25.61
5.4x	$22.51	$11.42	$0.32	$-10.77	$-21.87
7.4x	$26.25	$15.15	$4.06	$-7.03	$-18.13
9.4x	$29.99	$18.89	$7.80	$-3.30	$-14.39
11.4x	$33.73	$22.63	$11.54	$0.44	$-10.65

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