AMAT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($372.30)
DCF	$3732.79	+902.6%
Graham Number	$77.48	-79.2%
Reverse DCF	—	implied g: 28.7%
DDM	$37.90	-89.8%
EV/EBITDA	$372.30	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.34B

Near-term growth (yrs 1–5)(%)Rev: -2.1% / EPS: 75.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.20%

Computed WACC: 13.20%

Cost of equity (Re)13.52%(Rf 4.30% + β 1.68 × 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)97.62%

Debt weight (D/V)2.38%

Results

Intrinsic Value / share$1811.68

Current Price$372.30

Upside / Downside+386.6%

Net Debt (used)-$1.32B

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

WACC \ Near-term	67.2%	71.2%	75.2%	79.2%	83.2%
7.0%	$4788.18	$5384.94	$6039.94	$6757.33	$7541.48
8.0%	$3700.84	$4161.25	$4666.55	$5219.93	$5824.76
9.0%	$2961.52	$3329.26	$3732.79	$4174.70	$4657.65
10.0%	$2430.03	$2731.16	$3061.57	$3423.36	$3818.72
11.0%	$2032.23	$2283.52	$2559.22	$2861.07	$3190.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.75

Book Value / share($)Yahoo: $27.36

Results

Graham Number$77.48

Current Price$372.30

Margin of Safety-79.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.20%

Terminal growth rate(%)

Computed WACC: 13.20%

Cost of equity (Re)13.52%(Rf 4.30% + β 1.68 × 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)97.62%

Debt weight (D/V)2.38%

Results

Current Price$372.30

Implied Near-term FCF Growth41.1%

Historical Revenue Growth-2.1%

Historical Earnings Growth75.2%

Base FCF (TTM)$4.34B

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$372.30

Upside / Downside-89.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.89B

Target EV/EBITDA multipleCurrent: 33.1×

Net Debt($B)Default: -$1.32B

Results

Implied Equity Value / share$372.30

Current Price$372.30

Upside / Downside-0.0%

Implied EV$294.14B

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

Mult \ Net Debt	-$1.32B	-$1.32B	-$1.32B	-$1.32B	-$1.32B
29.1x	$327.49	$327.49	$327.49	$327.49	$327.49
31.1x	$349.89	$349.89	$349.89	$349.89	$349.89
33.1x	$372.30	$372.30	$372.30	$372.30	$372.30
35.1x	$394.70	$394.70	$394.70	$394.70	$394.70
37.1x	$417.10	$417.10	$417.10	$417.10	$417.10

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