AMT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($191.86)
DCF	$102.87	-46.4%
Graham Number	$33.24	-82.7%
Reverse DCF	—	implied g: 14.0%
DDM	$140.08	-27.0%
EV/EBITDA	$205.33	+7.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.51B

Near-term growth (yrs 1–5)(%)Rev: 7.5% / EPS: -33.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.19%

Computed WACC: 6.19%

Cost of equity (Re)9.29%(Rf 4.30% + β 0.91 × 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)66.64%

Debt weight (D/V)33.36%

Results

Intrinsic Value / share$258.78

Current Price$191.86

Upside / Downside+34.9%

Net Debt (used)$43.49B

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

WACC \ Near-term	-0.5%	3.5%	7.5%	11.5%	15.5%
7.0%	$107.69	$147.61	$193.91	$247.36	$308.75
8.0%	$71.15	$103.17	$140.27	$183.03	$232.11
9.0%	$45.86	$72.44	$103.19	$138.60	$179.19
10.0%	$27.33	$49.94	$76.06	$106.10	$140.50
11.0%	$13.17	$32.76	$55.36	$81.32	$111.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.27

Book Value / share($)Yahoo: $7.83

Results

Graham Number$33.24

Current Price$191.86

Margin of Safety-82.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.19%

Terminal growth rate(%)

Computed WACC: 6.19%

Cost of equity (Re)9.29%(Rf 4.30% + β 0.91 × 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)66.64%

Debt weight (D/V)33.36%

Results

Current Price$191.86

Implied Near-term FCF Growth4.2%

Historical Revenue Growth7.5%

Historical Earnings Growth-33.2%

Base FCF (TTM)$4.51B

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: $6.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$140.08

Current Price$191.86

Upside / Downside-27.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.91B

Target EV/EBITDA multipleCurrent: 20.2×

Net Debt($B)Default: $43.49B

Results

Implied Equity Value / share$205.33

Current Price$191.86

Upside / Downside+7.0%

Implied EV$139.61B

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

Mult \ Net Debt	$21.49B	$32.49B	$43.49B	$54.49B	$65.49B
16.2x	$193.30	$169.80	$146.30	$122.81	$99.31
18.2x	$222.81	$199.31	$175.81	$152.32	$128.82
20.2x	$252.32	$228.82	$205.33	$181.83	$158.33
22.2x	$281.83	$258.33	$234.84	$211.34	$187.84
24.2x	$311.34	$287.84	$264.35	$240.85	$217.35

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