ACT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.25)
DCF	$246.79	+484.1%
Graham Number	$61.88	+46.5%
Reverse DCF	—	implied g: -14.3%
DDM	$17.30	-59.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.11B

Near-term growth (yrs 1–5)(%)Rev: 3.6% / EPS: 15.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.89%

Computed WACC: 6.89%

Cost of equity (Re)7.08%(Rf 4.30% + β 0.51 × ERP 5.50%)

Cost of debt (Rd)6.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.23%

Debt weight (D/V)10.77%

Results

Intrinsic Value / share$380.93

Current Price$42.25

Upside / Downside+801.6%

Net Debt (used)$169.82M

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

WACC \ Near-term	7.5%	11.5%	15.5%	19.5%	23.5%
7.0%	$263.65	$313.50	$370.81	$436.40	$511.13
8.0%	$212.42	$252.07	$297.61	$349.68	$408.96
9.0%	$177.13	$209.77	$247.21	$289.99	$338.66
10.0%	$151.39	$178.92	$210.48	$246.51	$287.46
11.0%	$131.81	$155.48	$182.58	$213.48	$248.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.52

Book Value / share($)Yahoo: $37.66

Results

Graham Number$61.88

Current Price$42.25

Margin of Safety+46.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.89%

Terminal growth rate(%)

Computed WACC: 6.89%

Cost of equity (Re)7.08%(Rf 4.30% + β 0.51 × ERP 5.50%)

Cost of debt (Rd)6.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)89.23%

Debt weight (D/V)10.77%

Results

Current Price$42.25

Implied Near-term FCF Growth-19.0%

Historical Revenue Growth3.6%

Historical Earnings Growth15.5%

Base FCF (TTM)$1.11B

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: $0.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$17.30

Current Price$42.25

Upside / Downside-59.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $169.82M

Results

Implied Equity Value / share$-1.18

Current Price$42.25

Upside / Downside-102.8%

Implied EV$0

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