ADEA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.00)
DCF	$4090.74	+20353.7%
Graham Number	$9.91	-50.4%
Reverse DCF	—	implied g: 1.4%
DDM	$4.12	-79.4%
EV/EBITDA	$20.27	+1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $174.85M

Near-term growth (yrs 1–5)(%)Rev: 53.3% / EPS: 106.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.13%

Computed WACC: 9.13%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)9.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.66%

Debt weight (D/V)16.34%

Results

Intrinsic Value / share$3971.74

Current Price$20.00

Upside / Downside+19758.7%

Net Debt (used)$291.01M

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

WACC \ Near-term	98.7%	102.7%	106.7%	110.7%	114.7%
7.0%	$5506.52	$6082.37	$6705.43	$7378.54	$8104.68
8.0%	$4224.38	$4665.91	$5143.62	$5659.69	$6216.40
9.0%	$3354.87	$3705.32	$4084.47	$4494.05	$4935.88
10.0%	$2731.57	$3016.74	$3325.25	$3658.51	$4017.99
11.0%	$2266.50	$2502.96	$2758.77	$3035.09	$3333.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.99

Book Value / share($)Yahoo: $4.41

Results

Graham Number$9.91

Current Price$20.00

Margin of Safety-50.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.13%

Terminal growth rate(%)

Computed WACC: 9.13%

Cost of equity (Re)9.51%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)9.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.66%

Debt weight (D/V)16.34%

Results

Current Price$20.00

Implied Near-term FCF Growth1.7%

Historical Revenue Growth53.3%

Historical Earnings Growth106.7%

Base FCF (TTM)$174.85M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$20.00

Upside / Downside-79.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $258.29M

Target EV/EBITDA multipleCurrent: 9.7×

Net Debt($B)Default: $291.01M

Results

Implied Equity Value / share$20.27

Current Price$20.00

Upside / Downside+1.3%

Implied EV$2.51B

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

Mult \ Net Debt	-$1.71B	-$708.99M	$291.01M	$1.29B	$2.29B
5.7x	$29.09	$19.96	$10.83	$1.70	$-7.43
7.7x	$33.81	$24.68	$15.55	$6.42	$-2.71
9.7x	$38.53	$29.40	$20.27	$11.13	$2.00
11.7x	$43.25	$34.11	$24.98	$15.85	$6.72
13.7x	$47.96	$38.83	$29.70	$20.57	$11.44

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