AN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($193.04)
DCF	$12.62	-93.5%
Graham Number	$159.73	-17.3%
Reverse DCF	—	implied g: 13.0%
DDM	—	—
EV/EBITDA	$193.02	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $604.23M

Near-term growth (yrs 1–5)(%)Rev: -3.9% / EPS: 1.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.23%

Computed WACC: 6.23%

Cost of equity (Re)8.86%(Rf 4.30% + β 0.83 × ERP 5.50%)

Cost of debt (Rd)5.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.58%

Debt weight (D/V)60.42%

Results

Intrinsic Value / share$242.37

Current Price$193.04

Upside / Downside+25.6%

Net Debt (used)$10.17B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$15.24	$77.58	$150.09	$234.02	$330.69
8.0%	$-39.60	$10.57	$68.85	$136.21	$213.70
9.0%	$-77.61	$-35.83	$12.62	$68.55	$132.82
10.0%	$-105.51	$-69.87	$-28.60	$18.98	$73.59
11.0%	$-126.87	$-95.91	$-60.10	$-18.87	$28.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $17.05

Book Value / share($)Yahoo: $66.51

Results

Graham Number$159.73

Current Price$193.04

Margin of Safety-17.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.23%

Terminal growth rate(%)

Computed WACC: 6.23%

Cost of equity (Re)8.86%(Rf 4.30% + β 0.83 × ERP 5.50%)

Cost of debt (Rd)5.70%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)39.58%

Debt weight (D/V)60.42%

Results

Current Price$193.04

Implied Near-term FCF Growth3.5%

Historical Revenue Growth-3.9%

Historical Earnings Growth1.3%

Base FCF (TTM)$604.23M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$193.04

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.59B

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $10.17B

Results

Implied Equity Value / share$193.02

Current Price$193.04

Upside / Downside-0.0%

Implied EV$16.87B

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

Mult \ Net Debt	$4.17B	$7.17B	$10.17B	$13.17B	$16.17B
6.6x	$182.65	$96.22	$9.80	$-76.63	$-163.06
8.6x	$274.27	$187.84	$101.41	$14.98	$-71.45
10.6x	$365.88	$279.45	$193.02	$106.60	$20.17
12.6x	$457.50	$371.07	$284.64	$198.21	$111.78
14.6x	$549.11	$462.68	$376.25	$289.83	$203.40

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