ANF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($97.85)
DCF	$119.47	+22.1%
Graham Number	$81.93	-16.3%
Reverse DCF	—	implied g: 3.7%
DDM	—	—
EV/EBITDA	$98.16	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $306.42M

Near-term growth (yrs 1–5)(%)Rev: 6.8% / EPS: -5.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.58%

Computed WACC: 8.58%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × 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)80.29%

Debt weight (D/V)19.71%

Results

Intrinsic Value / share$128.76

Current Price$97.85

Upside / Downside+31.6%

Net Debt (used)$499.85M

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

WACC \ Near-term	-1.2%	2.8%	6.8%	10.8%	14.8%
7.0%	$121.92	$148.47	$179.30	$214.90	$255.83
8.0%	$97.89	$119.21	$143.92	$172.44	$205.18
9.0%	$81.25	$98.96	$119.47	$143.10	$170.20
10.0%	$69.05	$84.13	$101.56	$121.62	$144.61
11.0%	$59.72	$72.80	$87.89	$105.24	$125.10

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.39

Book Value / share($)Yahoo: $28.72

Results

Graham Number$81.93

Current Price$97.85

Margin of Safety-16.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.58%

Terminal growth rate(%)

Computed WACC: 8.58%

Cost of equity (Re)10.69%(Rf 4.30% + β 1.16 × 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)80.29%

Debt weight (D/V)19.71%

Results

Current Price$97.85

Implied Near-term FCF Growth2.6%

Historical Revenue Growth6.8%

Historical Earnings Growth-5.6%

Base FCF (TTM)$306.42M

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$97.85

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $841.39M

Target EV/EBITDA multipleCurrent: 5.9×

Net Debt($B)Default: $499.85M

Results

Implied Equity Value / share$98.16

Current Price$97.85

Upside / Downside+0.3%

Implied EV$5.00B

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

Mult \ Net Debt	-$1.50B	-$500.15M	$499.85M	$1.50B	$2.50B
1.9x	$68.38	$46.57	$24.77	$2.96	$-18.85
3.9x	$105.08	$83.27	$61.46	$39.66	$17.85
5.9x	$141.77	$119.97	$98.16	$76.35	$54.55
7.9x	$178.47	$156.66	$134.86	$113.05	$91.24
9.9x	$215.16	$193.36	$171.55	$149.74	$127.94

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