ADI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($355.79)
DCF	$31968.91	+8885.3%
Graham Number	$84.17	-76.3%
Reverse DCF	—	implied g: 20.6%
DDM	$83.84	-76.4%
EV/EBITDA	$355.48	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.14B

Near-term growth (yrs 1–5)(%)Rev: 30.4% / EPS: 116.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.50%

Computed WACC: 9.50%

Cost of equity (Re)9.97%(Rf 4.30% + β 1.03 × 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)95.24%

Debt weight (D/V)4.76%

Results

Intrinsic Value / share$28788.85

Current Price$355.79

Upside / Downside+7991.5%

Net Debt (used)$4.65B

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

WACC \ Near-term	108.7%	112.7%	116.7%	120.7%	124.7%
7.0%	$43695.46	$48039.02	$52721.46	$57762.24	$63181.55
8.0%	$33470.14	$36795.72	$40380.66	$44239.86	$48388.78
9.0%	$26539.86	$29175.55	$32016.73	$35075.19	$38363.17
10.0%	$21575.30	$23716.84	$26025.27	$28510.18	$31181.49
11.0%	$17873.68	$19646.82	$21558.08	$23615.39	$25826.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.55

Book Value / share($)Yahoo: $69.21

Results

Graham Number$84.17

Current Price$355.79

Margin of Safety-76.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.50%

Terminal growth rate(%)

Computed WACC: 9.50%

Cost of equity (Re)9.97%(Rf 4.30% + β 1.03 × 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)95.24%

Debt weight (D/V)4.76%

Results

Current Price$355.79

Implied Near-term FCF Growth22.1%

Historical Revenue Growth30.4%

Historical Earnings Growth116.7%

Base FCF (TTM)$4.14B

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: $4.07

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$83.84

Current Price$355.79

Upside / Downside-76.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.46B

Target EV/EBITDA multipleCurrent: 32.7×

Net Debt($B)Default: $4.65B

Results

Implied Equity Value / share$355.48

Current Price$355.79

Upside / Downside-0.1%

Implied EV$178.35B

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

Mult \ Net Debt	$2.65B	$3.65B	$4.65B	$5.65B	$6.65B
28.7x	$314.88	$312.83	$310.79	$308.74	$306.69
30.7x	$337.22	$335.18	$333.13	$331.09	$329.04
32.7x	$359.57	$357.52	$355.48	$353.43	$351.38
34.7x	$381.91	$379.87	$377.82	$375.77	$373.73
36.7x	$404.26	$402.21	$400.17	$398.12	$396.07

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