AL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.84)
DCF	$1101.77	+1599.2%
Graham Number	$125.73	+93.9%
Reverse DCF	—	implied g: 45.3%
DDM	$18.13	-72.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $162.55M

Near-term growth (yrs 1–5)(%)Rev: 15.1% / EPS: 80.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.82%

Computed WACC: 2.82%

Cost of equity (Re)10.49%(Rf 4.30% + β 1.13 × 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)26.91%

Debt weight (D/V)73.09%

Results

Intrinsic Value / share$37548.90

Current Price$64.84

Upside / Downside+57810.1%

Net Debt (used)$19.26B

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

WACC \ Near-term	72.9%	76.9%	80.9%	84.9%	88.9%
7.0%	$1482.01	$1681.32	$1899.43	$2137.65	$2397.33
8.0%	$1104.15	$1257.70	$1425.73	$1609.24	$1809.27
9.0%	$847.38	$969.85	$1103.85	$1250.19	$1409.69
10.0%	$662.91	$763.05	$872.62	$992.26	$1122.66
11.0%	$524.93	$608.38	$699.68	$799.36	$907.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.29

Book Value / share($)Yahoo: $75.63

Results

Graham Number$125.73

Current Price$64.84

Margin of Safety+93.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.82%

Terminal growth rate(%)

Computed WACC: 2.82%

Cost of equity (Re)10.49%(Rf 4.30% + β 1.13 × 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)26.91%

Debt weight (D/V)73.09%

Results

Current Price$64.84

Implied Near-term FCF Growth-5.7%

Historical Revenue Growth15.1%

Historical Earnings Growth80.9%

Base FCF (TTM)$162.55M

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: $0.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.13

Current Price$64.84

Upside / Downside-72.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $19.26B

Results

Implied Equity Value / share$-171.94

Current Price$64.84

Upside / Downside-365.2%

Implied EV$0

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