ALEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.83)
DCF	$20.04	-3.8%
Graham Number	$17.55	-15.7%
Reverse DCF	—	implied g: 5.5%
DDM	$21.22	+1.9%
EV/EBITDA	$20.85	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $111.19M

Near-term growth (yrs 1–5)(%)Rev: -17.6% / EPS: -69.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.04%

Computed WACC: 7.04%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)74.96%

Debt weight (D/V)25.04%

Results

Intrinsic Value / share$31.75

Current Price$20.83

Upside / Downside+52.4%

Net Debt (used)$493.12M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$20.27	$25.73	$32.09	$39.46	$47.94
8.0%	$15.45	$19.86	$24.97	$30.88	$37.67
9.0%	$12.12	$15.79	$20.04	$24.94	$30.58
10.0%	$9.67	$12.80	$16.42	$20.59	$25.38
11.0%	$7.80	$10.52	$13.66	$17.27	$21.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.01

Book Value / share($)Yahoo: $13.56

Results

Graham Number$17.55

Current Price$20.83

Margin of Safety-15.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.04%

Terminal growth rate(%)

Computed WACC: 7.04%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)74.96%

Debt weight (D/V)25.04%

Results

Current Price$20.83

Implied Near-term FCF Growth-0.3%

Historical Revenue Growth-17.6%

Historical Earnings Growth-69.7%

Base FCF (TTM)$111.19M

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: $1.03

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.22

Current Price$20.83

Upside / Downside+1.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $114.20M

Target EV/EBITDA multipleCurrent: 17.6×

Net Debt($B)Default: $493.12M

Results

Implied Equity Value / share$20.85

Current Price$20.83

Upside / Downside+0.1%

Implied EV$2.01B

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

Mult \ Net Debt	-$1.51B	-$506.88M	$493.12M	$1.49B	$2.49B
13.6x	$42.04	$28.31	$14.57	$0.84	$-12.89
15.6x	$45.17	$31.44	$17.71	$3.98	$-9.76
17.6x	$48.31	$34.58	$20.85	$7.11	$-6.62
19.6x	$51.45	$37.71	$23.98	$10.25	$-3.48
21.6x	$54.58	$40.85	$27.12	$13.39	$-0.35

← Overview Financial Statements ← Companies