ADC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($81.13)
DCF	$111.05	+36.9%
Graham Number	$45.01	-44.5%
Reverse DCF	—	implied g: 14.2%
DDM	$64.68	-20.3%
EV/EBITDA	$82.46	+1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $433.69M

Near-term growth (yrs 1–5)(%)Rev: 18.5% / EPS: 14.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.30%

Computed WACC: 5.30%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)74.62%

Debt weight (D/V)25.38%

Results

Intrinsic Value / share$322.79

Current Price$81.13

Upside / Downside+297.9%

Net Debt (used)$3.30B

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

WACC \ Near-term	10.5%	14.5%	18.5%	22.5%	26.5%
7.0%	$122.58	$150.23	$181.91	$218.05	$259.12
8.0%	$93.03	$114.96	$140.06	$168.68	$201.18
9.0%	$72.70	$90.70	$111.28	$134.74	$161.35
10.0%	$57.89	$73.03	$90.34	$110.04	$132.38
11.0%	$46.64	$59.62	$74.45	$91.31	$110.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.77

Book Value / share($)Yahoo: $50.87

Results

Graham Number$45.01

Current Price$81.13

Margin of Safety-44.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.30%

Terminal growth rate(%)

Computed WACC: 5.30%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)74.62%

Debt weight (D/V)25.38%

Results

Current Price$81.13

Implied Near-term FCF Growth0.3%

Historical Revenue Growth18.5%

Historical Earnings Growth14.0%

Base FCF (TTM)$433.69M

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: $3.14

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$64.68

Current Price$81.13

Upside / Downside-20.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $619.75M

Target EV/EBITDA multipleCurrent: 21.3×

Net Debt($B)Default: $3.30B

Results

Implied Equity Value / share$82.46

Current Price$81.13

Upside / Downside+1.6%

Implied EV$13.20B

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

Mult \ Net Debt	$1.30B	$2.30B	$3.30B	$4.30B	$5.30B
17.3x	$78.47	$70.13	$61.80	$53.47	$45.14
19.3x	$88.79	$80.46	$72.13	$63.80	$55.47
21.3x	$99.12	$90.79	$82.46	$74.13	$65.79
23.3x	$109.45	$101.11	$92.78	$84.45	$76.12
25.3x	$119.77	$111.44	$103.11	$94.78	$86.45

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