AGO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.45)
DCF	$1928159843.05	+2204871075.6%
Graham Number	$151.73	+73.5%
Reverse DCF	—	implied g: -3.4%
DDM	$31.31	-64.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $411.25M

Near-term growth (yrs 1–5)(%)Rev: -37.4% / EPS: 642.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.49%

Computed WACC: 6.49%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × 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)70.06%

Debt weight (D/V)29.94%

Results

Intrinsic Value / share$3842972413.23

Current Price$87.45

Upside / Downside+4394479503.5%

Net Debt (used)$356.00M

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

WACC \ Near-term	634.4%	638.4%	642.4%	646.4%	650.4%
7.0%	$3096924215.61	$3182186701.99	$3269316845.67	$3358345162.96	$3449302500.83
8.0%	$2337782555.90	$2402144820.19	$2467916926.06	$2535121909.41	$2603783055.72
9.0%	$1826487158.90	$1876772753.67	$1928159843.05	$1980666424.76	$2034310691.49
10.0%	$1462733680.00	$1503004639.52	$1544157724.87	$1586207349.41	$1629168082.63
11.0%	$1193525166.64	$1226384445.30	$1259963498.26	$1294274086.16	$1329328097.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.16

Book Value / share($)Yahoo: $125.39

Results

Graham Number$151.73

Current Price$87.45

Margin of Safety+73.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.49%

Terminal growth rate(%)

Computed WACC: 6.49%

Cost of equity (Re)9.27%(Rf 4.30% + β 0.90 × 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)70.06%

Debt weight (D/V)29.94%

Results

Current Price$87.45

Implied Near-term FCF Growth-10.3%

Historical Revenue Growth-37.4%

Historical Earnings Growth642.4%

Base FCF (TTM)$411.25M

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: $1.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.31

Current Price$87.45

Upside / Downside-64.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $356.00M

Results

Implied Equity Value / share$-7.72

Current Price$87.45

Upside / Downside-108.8%

Implied EV$0

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