AVA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($39.92)
DCF	$-72.77	-282.3%
Graham Number	$42.01	+5.2%
Reverse DCF	—	—
DDM	$40.38	+1.1%
EV/EBITDA	$39.92	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$153.00M

Near-term growth (yrs 1–5)(%)Rev: 0.0% / EPS: 2.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.85%

Computed WACC: 2.85%

Cost of equity (Re)5.73%(Rf 4.30% + β 0.26 × 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)49.74%

Debt weight (D/V)50.26%

Results

Intrinsic Value / share$-654.14

Current Price$39.92

Upside / Downside-1738.6%

Net Debt (used)$3.30B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-73.05	$-79.71	$-87.46	$-96.43	$-106.75
8.0%	$-67.19	$-72.55	$-78.77	$-85.97	$-94.25
9.0%	$-63.12	$-67.59	$-72.77	$-78.74	$-85.61
10.0%	$-60.14	$-63.95	$-68.36	$-73.45	$-79.28
11.0%	$-57.86	$-61.17	$-65.00	$-69.40	$-74.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.38

Book Value / share($)Yahoo: $32.96

Results

Graham Number$42.01

Current Price$39.92

Margin of Safety+5.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.85%

Terminal growth rate(%)

Computed WACC: 2.85%

Cost of equity (Re)5.73%(Rf 4.30% + β 0.26 × 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)49.74%

Debt weight (D/V)50.26%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$39.92

Implied Near-term FCF Growth—

Historical Revenue Growth0.0%

Historical Earnings Growth2.8%

Base FCF (TTM)-$153.00M

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: $1.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$40.38

Current Price$39.92

Upside / Downside+1.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $645.00M

Target EV/EBITDA multipleCurrent: 10.2×

Net Debt($B)Default: $3.30B

Results

Implied Equity Value / share$39.92

Current Price$39.92

Upside / Downside-0.0%

Implied EV$6.58B

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

Mult \ Net Debt	$1.30B	$2.30B	$3.30B	$4.30B	$5.30B
6.2x	$32.87	$20.71	$8.55	$-3.61	$-15.77
8.2x	$48.55	$36.39	$24.23	$12.08	$-0.08
10.2x	$64.23	$52.07	$39.92	$27.76	$15.60
12.2x	$79.92	$67.76	$55.60	$43.44	$31.28
14.2x	$95.60	$83.44	$71.28	$59.13	$46.97

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