ALL-PH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.47)
DCF	$432825.85	+2015856.5%
Graham Number	$125.48	+484.5%
Reverse DCF	—	implied g: -20.0%
DDM	$26.37	+22.8%
EV/EBITDA	$164.10	+664.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $8.92B

Near-term growth (yrs 1–5)(%)Rev: 5.1% / EPS: 103.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.52%

Computed WACC: 4.52%

Cost of equity (Re)5.59%(Rf 4.30% + β 0.23 × 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)80.81%

Debt weight (D/V)19.19%

Results

Intrinsic Value / share$1859901.71

Current Price$21.47

Upside / Downside+8662693.3%

Net Debt (used)$2.11B

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

WACC \ Near-term	95.2%	99.2%	103.2%	107.2%	111.2%
7.0%	$580761.86	$642587.93	$709575.10	$782040.14	$860312.50
8.0%	$445859.39	$493289.51	$544677.08	$600264.90	$660305.53
9.0%	$354352.19	$392018.44	$432825.85	$476967.08	$524642.51
10.0%	$288740.08	$319406.48	$352628.90	$388564.04	$427374.90
11.0%	$239770.33	$265213.23	$292775.55	$322587.17	$354783.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.36

Book Value / share($)Yahoo: $110.03

Results

Graham Number$125.48

Current Price$21.47

Margin of Safety+484.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.52%

Terminal growth rate(%)

Computed WACC: 4.52%

Cost of equity (Re)5.59%(Rf 4.30% + β 0.23 × 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)80.81%

Debt weight (D/V)19.19%

Results

Current Price$21.47

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth5.1%

Historical Earnings Growth103.2%

Base FCF (TTM)$8.92B

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$21.47

Upside / Downside+22.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $12.49B

Target EV/EBITDA multipleCurrent: 0.8×

Net Debt($B)Default: $2.11B

Results

Implied Equity Value / share$164.10

Current Price$21.47

Upside / Downside+664.3%

Implied EV$9.66B

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

Mult \ Net Debt	$110.00M	$1.11B	$2.11B	$3.11B	$4.11B
-3.2x	$-878.94	$-900.68	$-922.42	$-944.16	$-965.90
-1.2x	$-335.68	$-357.42	$-379.16	$-400.90	$-422.64
0.8x	$207.58	$185.84	$164.10	$142.36	$120.62
2.8x	$750.84	$729.10	$707.36	$685.62	$663.88
4.8x	$1294.10	$1272.36	$1250.62	$1228.88	$1207.14

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