AMG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($312.92)
DCF	$77931.99	+24804.8%
Graham Number	$236.65	-24.4%
Reverse DCF	—	implied g: 9.9%
DDM	$0.82	-99.7%
EV/EBITDA	$357.28	+14.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $450.22M

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: 122.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.14%

Computed WACC: 8.14%

Cost of equity (Re)10.77%(Rf 4.30% + β 1.18 × 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)75.52%

Debt weight (D/V)24.48%

Results

Intrinsic Value / share$95191.37

Current Price$312.92

Upside / Downside+30320.4%

Net Debt (used)$2.18B

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

WACC \ Near-term	114.1%	118.1%	122.1%	126.1%	130.1%
7.0%	$107190.27	$117575.04	$128749.33	$140757.35	$153644.92
8.0%	$82030.55	$89976.00	$98525.35	$107712.38	$117572.15
9.0%	$64983.32	$71276.12	$78047.05	$85322.85	$93131.28
10.0%	$52775.32	$57884.72	$63382.19	$69289.45	$75629.00
11.0%	$43676.07	$47903.51	$52451.91	$57339.24	$62584.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $22.75

Book Value / share($)Yahoo: $109.41

Results

Graham Number$236.65

Current Price$312.92

Margin of Safety-24.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.14%

Terminal growth rate(%)

Computed WACC: 8.14%

Cost of equity (Re)10.77%(Rf 4.30% + β 1.18 × 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)75.52%

Debt weight (D/V)24.48%

Results

Current Price$312.92

Implied Near-term FCF Growth7.4%

Historical Revenue Growth6.2%

Historical Earnings Growth122.1%

Base FCF (TTM)$450.22M

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: $0.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.82

Current Price$312.92

Upside / Downside-99.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $576.20M

Target EV/EBITDA multipleCurrent: 20.3×

Net Debt($B)Default: $2.18B

Results

Implied Equity Value / share$357.28

Current Price$312.92

Upside / Downside+14.2%

Implied EV$11.72B

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

Mult \ Net Debt	$183.00M	$1.18B	$2.18B	$3.18B	$4.18B
16.3x	$345.86	$308.39	$270.91	$233.44	$195.96
18.3x	$389.05	$351.57	$314.10	$276.62	$239.15
20.3x	$432.23	$394.76	$357.28	$319.81	$282.33
22.3x	$475.42	$437.94	$400.47	$363.00	$325.52
24.3x	$518.60	$481.13	$443.66	$406.18	$368.71

← Overview Financial Statements ← Companies