APD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($276.43)
DCF	$-715.20	-358.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	$149.14	-46.0%
EV/EBITDA	$287.32	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$6.15B

Near-term growth (yrs 1–5)(%)Rev: 5.8% / EPS: 9.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.09%

Computed WACC: 7.09%

Cost of equity (Re)9.18%(Rf 4.30% + β 0.89 × 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)77.19%

Debt weight (D/V)22.81%

Results

Intrinsic Value / share$-999.29

Current Price$276.43

Upside / Downside-461.5%

Net Debt (used)$17.16B

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

WACC \ Near-term	1.7%	5.7%	9.7%	13.7%	17.7%
7.0%	$-738.75	$-868.49	$-1018.60	$-1191.44	$-1389.53
8.0%	$-615.94	$-719.76	$-839.73	$-977.71	$-1135.70
9.0%	$-531.09	$-617.05	$-716.26	$-830.25	$-960.63
10.0%	$-469.00	$-541.93	$-626.01	$-722.51	$-832.78
11.0%	$-421.62	$-484.66	$-557.24	$-640.45	$-735.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.47

Book Value / share($)Yahoo: $69.22

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$276.43

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.09%

Terminal growth rate(%)

Computed WACC: 7.09%

Cost of equity (Re)9.18%(Rf 4.30% + β 0.89 × 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)77.19%

Debt weight (D/V)22.81%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$276.43

Implied Near-term FCF Growth—

Historical Revenue Growth5.8%

Historical Earnings Growth9.7%

Base FCF (TTM)-$6.15B

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: $7.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$149.14

Current Price$276.43

Upside / Downside-46.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $849.80M

Target EV/EBITDA multipleCurrent: 95.5×

Net Debt($B)Default: $17.16B

Results

Implied Equity Value / share$287.32

Current Price$276.43

Upside / Downside+3.9%

Implied EV$81.13B

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

Mult \ Net Debt	$9.16B	$13.16B	$17.16B	$21.16B	$25.16B
91.5x	$307.99	$290.02	$272.06	$254.09	$236.13
93.5x	$315.62	$297.65	$279.69	$261.73	$243.76
95.5x	$323.25	$305.29	$287.32	$269.36	$251.39
97.5x	$330.89	$312.92	$294.96	$276.99	$259.03
99.5x	$338.52	$320.55	$302.59	$284.62	$266.66

← Overview Financial Statements ← Companies