AGX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($445.36)
DCF	$374.44	-15.9%
Graham Number	$76.11	-82.9%
Reverse DCF	—	implied g: 11.9%
DDM	$41.20	-90.7%
EV/EBITDA	$445.36	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $207.47M

Near-term growth (yrs 1–5)(%)Rev: -2.3% / EPS: 8.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.40%

Computed WACC: 7.40%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × 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)99.96%

Debt weight (D/V)0.04%

Results

Intrinsic Value / share$485.76

Current Price$445.36

Upside / Downside+9.1%

Net Debt (used)-$724.19M

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

WACC \ Near-term	0.5%	4.5%	8.5%	12.5%	16.5%
7.0%	$384.19	$449.81	$525.85	$613.51	$714.11
8.0%	$323.18	$375.76	$436.61	$506.69	$587.02
9.0%	$280.99	$324.59	$374.98	$432.93	$499.31
10.0%	$250.10	$287.14	$329.89	$379.02	$435.21
11.0%	$226.51	$258.56	$295.51	$337.92	$386.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.51

Book Value / share($)Yahoo: $30.25

Results

Graham Number$76.11

Current Price$445.36

Margin of Safety-82.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.40%

Terminal growth rate(%)

Computed WACC: 7.40%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × 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)99.96%

Debt weight (D/V)0.04%

Results

Current Price$445.36

Implied Near-term FCF Growth6.9%

Historical Revenue Growth-2.3%

Historical Earnings Growth8.5%

Base FCF (TTM)$207.47M

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$445.36

Upside / Downside-90.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $122.03M

Target EV/EBITDA multipleCurrent: 44.7×

Net Debt($B)Default: -$724.19M

Results

Implied Equity Value / share$445.36

Current Price$445.36

Upside / Downside-0.0%

Implied EV$5.45B

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

Mult \ Net Debt	-$2.72B	-$1.72B	-$724.19M	$275.81M	$1.28B
40.7x	$554.34	$482.26	$410.18	$338.10	$266.01
42.7x	$571.93	$499.85	$427.77	$355.69	$283.61
44.7x	$589.52	$517.44	$445.36	$373.28	$301.20
46.7x	$607.11	$535.03	$462.95	$390.87	$318.79
48.7x	$624.70	$552.62	$480.54	$408.46	$336.38

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