APH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($146.06)
DCF	$797.85	+446.2%
Graham Number	$28.67	-80.4%
Reverse DCF	—	implied g: 25.3%
DDM	$20.60	-85.9%
EV/EBITDA	$146.14	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.28B

Near-term growth (yrs 1–5)(%)Rev: 49.1% / EPS: 57.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.06%

Computed WACC: 10.06%

Cost of equity (Re)10.96%(Rf 4.30% + β 1.21 × 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)91.79%

Debt weight (D/V)8.21%

Results

Intrinsic Value / share$650.69

Current Price$146.06

Upside / Downside+345.5%

Net Debt (used)$4.63B

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

WACC \ Near-term	49.6%	53.6%	57.6%	61.6%	65.6%
7.0%	$986.23	$1124.24	$1277.31	$1446.62	$1633.45
8.0%	$766.40	$873.45	$992.14	$1123.42	$1268.26
9.0%	$616.60	$702.56	$797.85	$903.22	$1019.46
10.0%	$508.65	$579.41	$657.84	$744.56	$840.21
11.0%	$427.63	$487.00	$552.79	$625.52	$705.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.34

Book Value / share($)Yahoo: $10.94

Results

Graham Number$28.67

Current Price$146.06

Margin of Safety-80.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.06%

Terminal growth rate(%)

Computed WACC: 10.06%

Cost of equity (Re)10.96%(Rf 4.30% + β 1.21 × 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)91.79%

Debt weight (D/V)8.21%

Results

Current Price$146.06

Implied Near-term FCF Growth28.6%

Historical Revenue Growth49.1%

Historical Earnings Growth57.6%

Base FCF (TTM)$3.28B

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$146.06

Upside / Downside-85.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.97B

Target EV/EBITDA multipleCurrent: 26.4×

Net Debt($B)Default: $4.63B

Results

Implied Equity Value / share$146.14

Current Price$146.06

Upside / Downside+0.1%

Implied EV$184.27B

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

Mult \ Net Debt	$2.63B	$3.63B	$4.63B	$5.63B	$6.63B
22.4x	$125.08	$124.27	$123.45	$122.64	$121.83
24.4x	$136.42	$135.61	$134.79	$133.98	$133.17
26.4x	$147.76	$146.95	$146.14	$145.32	$144.51
28.4x	$159.10	$158.29	$157.48	$156.66	$155.85
30.4x	$170.45	$169.63	$168.82	$168.01	$167.19

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