ACM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($97.28)
DCF	$68.37	-29.7%
Graham Number	$41.90	-56.9%
Reverse DCF	—	implied g: 10.0%
DDM	$25.54	-73.7%
EV/EBITDA	$98.94	+1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $622.24M

Near-term growth (yrs 1–5)(%)Rev: -4.6% / EPS: -55.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.03%

Computed WACC: 8.03%

Cost of equity (Re)10.16%(Rf 4.30% + β 1.06 × 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)79.02%

Debt weight (D/V)20.98%

Results

Intrinsic Value / share$83.37

Current Price$97.28

Upside / Downside-14.3%

Net Debt (used)$2.08B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$69.10	$86.33	$106.38	$129.58	$156.31
8.0%	$53.93	$67.80	$83.91	$102.54	$123.96
9.0%	$43.42	$54.97	$68.37	$83.83	$101.60
10.0%	$35.71	$45.56	$56.97	$70.13	$85.23
11.0%	$29.80	$38.36	$48.26	$59.66	$72.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.52

Book Value / share($)Yahoo: $17.26

Results

Graham Number$41.90

Current Price$97.28

Margin of Safety-56.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.03%

Terminal growth rate(%)

Computed WACC: 8.03%

Cost of equity (Re)10.16%(Rf 4.30% + β 1.06 × 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)79.02%

Debt weight (D/V)20.98%

Results

Current Price$97.28

Implied Near-term FCF Growth7.2%

Historical Revenue Growth-4.6%

Historical Earnings Growth-55.3%

Base FCF (TTM)$622.24M

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: $1.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.54

Current Price$97.28

Upside / Downside-73.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.26B

Target EV/EBITDA multipleCurrent: 11.8×

Net Debt($B)Default: $2.08B

Results

Implied Equity Value / share$98.94

Current Price$97.28

Upside / Downside+1.7%

Implied EV$14.88B

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

Mult \ Net Debt	$84.81M	$1.08B	$2.08B	$3.08B	$4.08B
7.8x	$75.53	$67.79	$60.06	$52.33	$44.59
9.8x	$94.97	$87.23	$79.50	$71.76	$64.03
11.8x	$114.40	$106.67	$98.94	$91.20	$83.47
13.8x	$133.84	$126.11	$118.37	$110.64	$102.90
15.8x	$153.28	$145.54	$137.81	$130.08	$122.34

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