AD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.91)
DCF	$-11384299716.51	-22809656915.3%
Graham Number	$35.75	-28.4%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$80.77	+61.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$523.75M

Near-term growth (yrs 1–5)(%)Rev: -93.8% / EPS: 787.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.04%

Computed WACC: 4.04%

Cost of equity (Re)4.81%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)1.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.23%

Debt weight (D/V)21.77%

Results

Intrinsic Value / share$-72139118049.02

Current Price$49.91

Upside / Downside-144538405327.4%

Net Debt (used)$1.09B

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

WACC \ Near-term	779.2%	783.2%	787.2%	791.2%	795.2%
7.0%	$-18470154582.55	$-18894153045.07	$-19325902605.39	$-19765509054.23	$-20213079140.58
8.0%	$-13934296322.90	$-14254170157.24	$-14579891590.54	$-14911540433.64	$-15249197220.31
9.0%	$-10880204839.58	$-11129969311.99	$-11384299716.51	$-11643258371.16	$-11906908158.45
10.0%	$-8708107153.22	$-8908009210.87	$-9111565667.56	$-9318826400.26	$-9529841737.74
11.0%	$-7101116904.46	$-7264129087.92	$-7430121287.95	$-7599134177.23	$-7771208796.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.94

Book Value / share($)Yahoo: $29.29

Results

Graham Number$35.75

Current Price$49.91

Margin of Safety-28.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.04%

Terminal growth rate(%)

Computed WACC: 4.04%

Cost of equity (Re)4.81%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)1.61%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.23%

Debt weight (D/V)21.77%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$49.91

Implied Near-term FCF Growth—

Historical Revenue Growth-93.8%

Historical Earnings Growth787.2%

Base FCF (TTM)-$523.75M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$49.91

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $841.88M

Target EV/EBITDA multipleCurrent: 6.4×

Net Debt($B)Default: $1.09B

Results

Implied Equity Value / share$80.77

Current Price$49.91

Upside / Downside+61.8%

Implied EV$5.40B

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

Mult \ Net Debt	$1.09B	$1.09B	$1.09B	$1.09B	$1.09B
2.4x	$17.68	$17.68	$17.68	$17.68	$17.68
4.4x	$49.23	$49.23	$49.23	$49.23	$49.23
6.4x	$80.77	$80.77	$80.77	$80.77	$80.77
8.4x	$112.32	$112.32	$112.32	$112.32	$112.32
10.4x	$143.87	$143.87	$143.87	$143.87	$143.87

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