AM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.77)
DCF	$7.01	-69.2%
Graham Number	$8.97	-60.6%
Reverse DCF	—	implied g: 18.4%
DDM	$18.54	-18.6%
EV/EBITDA	$22.77	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $362.12M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: -52.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.48%

Computed WACC: 6.48%

Cost of equity (Re)8.41%(Rf 4.30% + β 0.75 × 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)77.09%

Debt weight (D/V)22.91%

Results

Intrinsic Value / share$15.62

Current Price$22.77

Upside / Downside-31.4%

Net Debt (used)$3.04B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.12	$9.86	$13.05	$16.74	$20.99
8.0%	$4.71	$6.92	$9.48	$12.44	$15.85
9.0%	$3.04	$4.88	$7.01	$9.47	$12.29
10.0%	$1.81	$3.38	$5.20	$7.29	$9.69
11.0%	$0.87	$2.24	$3.81	$5.62	$7.70

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.86

Book Value / share($)Yahoo: $4.16

Results

Graham Number$8.97

Current Price$22.77

Margin of Safety-60.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.48%

Terminal growth rate(%)

Computed WACC: 6.48%

Cost of equity (Re)8.41%(Rf 4.30% + β 0.75 × 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)77.09%

Debt weight (D/V)22.91%

Results

Current Price$22.77

Implied Near-term FCF Growth9.5%

Historical Revenue Growth3.1%

Historical Earnings Growth-52.6%

Base FCF (TTM)$362.12M

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: $0.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.54

Current Price$22.77

Upside / Downside-18.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $937.26M

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: $3.04B

Results

Implied Equity Value / share$22.77

Current Price$22.77

Upside / Downside+0.0%

Implied EV$13.81B

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

Mult \ Net Debt	$1.04B	$2.04B	$3.04B	$4.04B	$5.04B
10.7x	$19.07	$16.96	$14.85	$12.73	$10.62
12.7x	$23.04	$20.92	$18.81	$16.69	$14.58
14.7x	$27.00	$24.88	$22.77	$20.66	$18.54
16.7x	$30.96	$28.85	$26.73	$24.62	$22.51
18.7x	$34.92	$32.81	$30.70	$28.58	$26.47

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