ALLE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($162.50)
DCF	$111.67	-31.3%
Graham Number	$63.46	-60.9%
Reverse DCF	—	implied g: 14.9%
DDM	$42.85	-73.6%
EV/EBITDA	$161.15	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $505.56M

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: 3.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.21%

Computed WACC: 9.21%

Cost of equity (Re)10.01%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)5.08%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)86.68%

Debt weight (D/V)13.32%

Results

Intrinsic Value / share$107.50

Current Price$162.50

Upside / Downside-33.8%

Net Debt (used)$1.79B

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$116.27	$143.22	$174.42	$210.36	$251.57
8.0%	$90.91	$112.48	$137.43	$166.13	$199.01
9.0%	$73.38	$91.25	$111.89	$135.61	$162.76
10.0%	$60.55	$75.72	$93.22	$113.31	$136.28
11.0%	$50.76	$63.88	$78.99	$96.32	$116.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.45

Book Value / share($)Yahoo: $24.02

Results

Graham Number$63.46

Current Price$162.50

Margin of Safety-60.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.21%

Terminal growth rate(%)

Computed WACC: 9.21%

Cost of equity (Re)10.01%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)5.08%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)86.68%

Debt weight (D/V)13.32%

Results

Current Price$162.50

Implied Near-term FCF Growth15.5%

Historical Revenue Growth9.3%

Historical Earnings Growth3.3%

Base FCF (TTM)$505.56M

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$162.50

Upside / Downside-73.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.01B

Target EV/EBITDA multipleCurrent: 15.6×

Net Debt($B)Default: $1.79B

Results

Implied Equity Value / share$161.15

Current Price$162.50

Upside / Downside-0.8%

Implied EV$15.68B

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

Mult \ Net Debt	$1.79B	$1.79B	$1.79B	$1.79B	$1.79B
11.6x	$114.42	$114.42	$114.42	$114.42	$114.42
13.6x	$137.78	$137.78	$137.78	$137.78	$137.78
15.6x	$161.15	$161.15	$161.15	$161.15	$161.15
17.6x	$184.51	$184.51	$184.51	$184.51	$184.51
19.6x	$207.87	$207.87	$207.87	$207.87	$207.87

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