ASO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($60.84)
DCF	$-9.47	-115.6%
Graham Number	$62.77	+3.2%
Reverse DCF	—	implied g: 47.0%
DDM	$10.71	-82.4%
EV/EBITDA	$60.84	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $31.79M

Near-term growth (yrs 1–5)(%)Rev: 3.0% / EPS: 14.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.51%

Computed WACC: 7.51%

Cost of equity (Re)10.98%(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)68.46%

Debt weight (D/V)31.54%

Results

Intrinsic Value / share$-4.84

Current Price$60.84

Upside / Downside-108.0%

Net Debt (used)$1.58B

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

WACC \ Near-term	6.1%	10.1%	14.1%	18.1%	22.1%
7.0%	$-8.67	$-5.81	$-2.52	$1.24	$5.54
8.0%	$-11.54	$-9.27	$-6.65	$-3.66	$-0.24
9.0%	$-13.53	$-11.65	$-9.50	$-7.03	$-4.23
10.0%	$-14.97	$-13.39	$-11.57	$-9.49	$-7.13
11.0%	$-16.08	$-14.71	$-13.15	$-11.37	$-9.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.44

Book Value / share($)Yahoo: $32.19

Results

Graham Number$62.77

Current Price$60.84

Margin of Safety+3.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.51%

Terminal growth rate(%)

Computed WACC: 7.51%

Cost of equity (Re)10.98%(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)68.46%

Debt weight (D/V)31.54%

Results

Current Price$60.84

Implied Near-term FCF Growth40.7%

Historical Revenue Growth3.0%

Historical Earnings Growth14.1%

Base FCF (TTM)$31.79M

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: $0.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.71

Current Price$60.84

Upside / Downside-82.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $612.67M

Target EV/EBITDA multipleCurrent: 9.2×

Net Debt($B)Default: $1.58B

Results

Implied Equity Value / share$60.84

Current Price$60.84

Upside / Downside+0.0%

Implied EV$5.64B

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

Mult \ Net Debt	$1.58B	$1.58B	$1.58B	$1.58B	$1.58B
5.2x	$24.09	$24.09	$24.09	$24.09	$24.09
7.2x	$42.47	$42.47	$42.47	$42.47	$42.47
9.2x	$60.84	$60.84	$60.84	$60.84	$60.84
11.2x	$79.22	$79.22	$79.22	$79.22	$79.22
13.2x	$97.59	$97.59	$97.59	$97.59	$97.59

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