ATR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($142.79)
DCF	$74.41	-47.9%
Graham Number	$74.21	-48.0%
Reverse DCF	—	implied g: 23.3%
DDM	$38.32	-73.2%
EV/EBITDA	$144.40	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $205.90M

Near-term growth (yrs 1–5)(%)Rev: 13.5% / EPS: -23.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.98%

Computed WACC: 5.98%

Cost of equity (Re)6.97%(Rf 4.30% + β 0.48 × 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)85.82%

Debt weight (D/V)14.18%

Results

Intrinsic Value / share$163.02

Current Price$142.79

Upside / Downside+14.2%

Net Debt (used)$1.14B

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

WACC \ Near-term	5.5%	9.5%	13.5%	17.5%	21.5%
7.0%	$79.71	$98.31	$119.73	$144.31	$172.36
8.0%	$61.11	$75.93	$92.99	$112.54	$134.83
9.0%	$48.29	$60.51	$74.57	$90.65	$108.99
10.0%	$38.93	$49.26	$61.13	$74.70	$90.15
11.0%	$31.80	$40.70	$50.90	$62.57	$75.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.89

Book Value / share($)Yahoo: $41.56

Results

Graham Number$74.21

Current Price$142.79

Margin of Safety-48.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.98%

Terminal growth rate(%)

Computed WACC: 5.98%

Cost of equity (Re)6.97%(Rf 4.30% + β 0.48 × 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)85.82%

Debt weight (D/V)14.18%

Results

Current Price$142.79

Implied Near-term FCF Growth11.6%

Historical Revenue Growth13.5%

Historical Earnings Growth-23.5%

Base FCF (TTM)$205.90M

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: $1.86

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.32

Current Price$142.79

Upside / Downside-73.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $803.58M

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $1.14B

Results

Implied Equity Value / share$144.40

Current Price$142.79

Upside / Downside+1.1%

Implied EV$10.44B

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

Mult \ Net Debt	$1.14B	$1.14B	$1.14B	$1.14B	$1.14B
9.0x	$94.47	$94.47	$94.47	$94.47	$94.47
11.0x	$119.43	$119.43	$119.43	$119.43	$119.43
13.0x	$144.40	$144.40	$144.40	$144.40	$144.40
15.0x	$169.36	$169.36	$169.36	$169.36	$169.36
17.0x	$194.32	$194.32	$194.32	$194.32	$194.32

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