APG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($44.58)
DCF	$42.14	-5.5%
Graham Number	—	—
Reverse DCF	—	implied g: 14.7%
DDM	—	—
EV/EBITDA	$44.46	-0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $694.25M

Near-term growth (yrs 1–5)(%)Rev: 13.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.80%

Computed WACC: 11.80%

Cost of equity (Re)13.68%(Rf 4.30% + β 1.71 × 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)86.23%

Debt weight (D/V)13.77%

Results

Intrinsic Value / share$26.67

Current Price$44.58

Upside / Downside-40.2%

Net Debt (used)$2.16B

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

WACC \ Near-term	5.8%	9.8%	13.8%	17.8%	21.8%
7.0%	$44.84	$54.33	$65.27	$77.81	$92.12
8.0%	$35.31	$42.87	$51.58	$61.55	$72.92
9.0%	$28.73	$34.97	$42.14	$50.35	$59.70
10.0%	$23.94	$29.21	$35.26	$42.18	$50.06
11.0%	$20.28	$24.82	$30.03	$35.97	$42.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.69

Book Value / share($)Yahoo: $8.19

Results

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

Graham Number—

Current Price$44.58

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.80%

Terminal growth rate(%)

Computed WACC: 11.80%

Cost of equity (Re)13.68%(Rf 4.30% + β 1.71 × 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)86.23%

Debt weight (D/V)13.77%

Results

Current Price$44.58

Implied Near-term FCF Growth22.1%

Historical Revenue Growth13.8%

Historical Earnings Growth—

Base FCF (TTM)$694.25M

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$44.58

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $982.00M

Target EV/EBITDA multipleCurrent: 21.7×

Net Debt($B)Default: $2.16B

Results

Implied Equity Value / share$44.46

Current Price$44.58

Upside / Downside-0.3%

Implied EV$21.34B

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

Mult \ Net Debt	$160.00M	$1.16B	$2.16B	$3.16B	$4.16B
17.7x	$39.99	$37.67	$35.36	$33.04	$30.72
19.7x	$44.54	$42.23	$39.91	$37.59	$35.27
21.7x	$49.10	$46.78	$44.46	$42.14	$39.83
23.7x	$53.65	$51.33	$49.01	$46.69	$44.38
25.7x	$58.20	$55.88	$53.56	$51.25	$48.93

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