AR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.08)
DCF	$-11.54	-131.1%
Graham Number	$33.43	-9.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$54.47	+46.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$467,250

Near-term growth (yrs 1–5)(%)Rev: 11.1% / EPS: 29.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.48%

Computed WACC: 5.48%

Cost of equity (Re)7.17%(Rf 4.30% + β 0.52 × 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)76.44%

Debt weight (D/V)23.56%

Results

Intrinsic Value / share$-11.70

Current Price$37.08

Upside / Downside-131.6%

Net Debt (used)$3.53B

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

WACC \ Near-term	21.9%	25.9%	29.9%	33.9%	37.9%
7.0%	$-11.55	$-11.58	$-11.60	$-11.63	$-11.66
8.0%	$-11.53	$-11.55	$-11.56	$-11.58	$-11.61
9.0%	$-11.51	$-11.52	$-11.54	$-11.56	$-11.58
10.0%	$-11.50	$-11.51	$-11.52	$-11.54	$-11.55
11.0%	$-11.49	$-11.50	$-11.51	$-11.52	$-11.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.03

Book Value / share($)Yahoo: $24.48

Results

Graham Number$33.43

Current Price$37.08

Margin of Safety-9.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.48%

Terminal growth rate(%)

Computed WACC: 5.48%

Cost of equity (Re)7.17%(Rf 4.30% + β 0.52 × 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)76.44%

Debt weight (D/V)23.56%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$37.08

Implied Near-term FCF Growth—

Historical Revenue Growth11.1%

Historical Earnings Growth29.9%

Base FCF (TTM)-$467,250

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$37.08

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.69B

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $3.53B

Results

Implied Equity Value / share$54.47

Current Price$37.08

Upside / Downside+46.9%

Implied EV$20.33B

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

Mult \ Net Debt	$1.53B	$2.53B	$3.53B	$4.53B	$5.53B
8.0x	$38.99	$35.74	$32.50	$29.26	$26.02
10.0x	$49.97	$46.73	$43.49	$40.25	$37.00
12.0x	$60.95	$57.71	$54.47	$51.23	$47.99
14.0x	$71.94	$68.69	$65.45	$62.21	$58.97
16.0x	$82.92	$79.68	$76.44	$73.20	$69.95

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