AIR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($119.77)
DCF	$-1.80	-101.5%
Graham Number	$48.46	-59.5%
Reverse DCF	—	implied g: 50.3%
DDM	—	—
EV/EBITDA	$118.15	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $27.15M

Near-term growth (yrs 1–5)(%)Rev: 15.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.99%

Computed WACC: 8.99%

Cost of equity (Re)10.97%(Rf 4.30% + β 1.21 × 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)81.94%

Debt weight (D/V)18.06%

Results

Intrinsic Value / share$-1.72

Current Price$119.77

Upside / Downside-101.4%

Net Debt (used)$968.70M

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

WACC \ Near-term	7.9%	11.9%	15.9%	19.9%	23.9%
7.0%	$-0.21	$4.34	$9.58	$15.57	$22.39
8.0%	$-4.92	$-1.29	$2.86	$7.61	$13.02
9.0%	$-8.16	$-5.18	$-1.76	$2.14	$6.58
10.0%	$-10.52	$-8.01	$-5.13	$-1.84	$1.89
11.0%	$-12.32	$-10.16	$-7.69	$-4.87	$-1.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.61

Book Value / share($)Yahoo: $39.99

Results

Graham Number$48.46

Current Price$119.77

Margin of Safety-59.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.99%

Terminal growth rate(%)

Computed WACC: 8.99%

Cost of equity (Re)10.97%(Rf 4.30% + β 1.21 × 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)81.94%

Debt weight (D/V)18.06%

Results

Current Price$119.77

Implied Near-term FCF Growth50.3%

Historical Revenue Growth15.9%

Historical Earnings Growth—

Base FCF (TTM)$27.15M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$119.77

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $331.00M

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $968.70M

Results

Implied Equity Value / share$118.15

Current Price$119.77

Upside / Downside-1.4%

Implied EV$5.64B

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

Mult \ Net Debt	-$1.03B	-$31.30M	$968.70M	$1.97B	$2.97B
13.1x	$135.23	$109.96	$84.69	$59.42	$34.15
15.1x	$151.96	$126.69	$101.42	$76.15	$50.88
17.1x	$168.69	$143.42	$118.15	$92.88	$67.61
19.1x	$185.42	$160.15	$134.88	$109.61	$84.34
21.1x	$202.15	$176.88	$151.61	$126.34	$101.07

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