APP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($434.77)
DCF	$9097.73	+1992.5%
Graham Number	$37.75	-91.3%
Reverse DCF	—	implied g: 23.2%
DDM	—	—
EV/EBITDA	$477.54	+9.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.70B

Near-term growth (yrs 1–5)(%)Rev: 65.9% / EPS: 84.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 17.67%

Computed WACC: 17.67%

Cost of equity (Re)18.00%(Rf 4.30% + β 2.49 × ERP 5.50%)

Cost of debt (Rd)5.90%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.56%

Debt weight (D/V)2.44%

Results

Intrinsic Value / share$2440.97

Current Price$434.77

Upside / Downside+461.4%

Net Debt (used)$1.18B

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

WACC \ Near-term	76.7%	80.7%	84.7%	88.7%	92.7%
7.0%	$11892.30	$13294.45	$14826.02	$16495.77	$18312.87
8.0%	$9165.34	$10244.70	$11423.61	$12708.80	$14107.32
9.0%	$7312.94	$8173.08	$9112.47	$10136.50	$11250.75
10.0%	$5982.64	$6685.37	$7452.81	$8289.32	$9199.49
11.0%	$4988.06	$5573.15	$6212.06	$6908.43	$7666.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.04

Book Value / share($)Yahoo: $6.31

Results

Graham Number$37.75

Current Price$434.77

Margin of Safety-91.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 17.67%

Terminal growth rate(%)

Computed WACC: 17.67%

Cost of equity (Re)18.00%(Rf 4.30% + β 2.49 × ERP 5.50%)

Cost of debt (Rd)5.90%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.56%

Debt weight (D/V)2.44%

Results

Current Price$434.77

Implied Near-term FCF Growth45.3%

Historical Revenue Growth65.9%

Historical Earnings Growth84.7%

Base FCF (TTM)$2.70B

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$434.77

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.28B

Target EV/EBITDA multipleCurrent: 34.6×

Net Debt($B)Default: $1.18B

Results

Implied Equity Value / share$477.54

Current Price$434.77

Upside / Downside+9.8%

Implied EV$147.82B

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

Mult \ Net Debt	$1.18B	$1.18B	$1.18B	$1.18B	$1.18B
30.6x	$421.85	$421.85	$421.85	$421.85	$421.85
32.6x	$449.69	$449.69	$449.69	$449.69	$449.69
34.6x	$477.54	$477.54	$477.54	$477.54	$477.54
36.6x	$505.38	$505.38	$505.38	$505.38	$505.38
38.6x	$533.22	$533.22	$533.22	$533.22	$533.22

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