AEIS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($341.08)
DCF	$120.06	-64.8%
Graham Number	$55.96	-83.6%
Reverse DCF	—	implied g: 37.1%
DDM	$8.24	-97.6%
EV/EBITDA	$335.57	-1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $119.96M

Near-term growth (yrs 1–5)(%)Rev: 17.8% / EPS: 1.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.57%

Computed WACC: 11.57%

Cost of equity (Re)12.05%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)2.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.99%

Debt weight (D/V)5.01%

Results

Intrinsic Value / share$82.88

Current Price$341.08

Upside / Downside-75.7%

Net Debt (used)-$112.40M

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

WACC \ Near-term	9.8%	13.8%	17.8%	21.8%	25.8%
7.0%	$129.16	$152.52	$179.31	$209.90	$244.67
8.0%	$104.42	$122.96	$144.20	$168.44	$195.98
9.0%	$87.39	$102.62	$120.06	$139.93	$162.50
10.0%	$74.98	$87.81	$102.47	$119.18	$138.13
11.0%	$65.56	$76.56	$89.13	$103.44	$119.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.86

Book Value / share($)Yahoo: $36.05

Results

Graham Number$55.96

Current Price$341.08

Margin of Safety-83.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.57%

Terminal growth rate(%)

Computed WACC: 11.57%

Cost of equity (Re)12.05%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)2.95%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.99%

Debt weight (D/V)5.01%

Results

Current Price$341.08

Implied Near-term FCF Growth45.6%

Historical Revenue Growth17.8%

Historical Earnings Growth1.0%

Base FCF (TTM)$119.96M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$341.08

Upside / Downside-97.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $255.60M

Target EV/EBITDA multipleCurrent: 49.1×

Net Debt($B)Default: -$112.40M

Results

Implied Equity Value / share$335.57

Current Price$341.08

Upside / Downside-1.6%

Implied EV$12.56B

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

Mult \ Net Debt	-$2.11B	-$1.11B	-$112.40M	$887.60M	$1.89B
45.1x	$361.46	$334.97	$308.48	$281.99	$255.51
47.1x	$375.00	$348.51	$322.03	$295.54	$269.05
49.1x	$388.55	$362.06	$335.57	$309.08	$282.59
51.1x	$402.09	$375.60	$349.11	$322.62	$296.13
53.1x	$415.63	$389.14	$362.65	$336.16	$309.67

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