AVT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.98)
DCF	$0.01	-100.0%
Graham Number	$57.96	-10.8%
Reverse DCF	—	implied g: 30.2%
DDM	$28.43	-56.3%
EV/EBITDA	$64.98	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $111.69M

Near-term growth (yrs 1–5)(%)Rev: 11.6% / EPS: -24.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.92%

Computed WACC: 5.92%

Cost of equity (Re)9.45%(Rf 4.30% + β 0.94 × 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)62.68%

Debt weight (D/V)37.32%

Results

Intrinsic Value / share$34.43

Current Price$64.98

Upside / Downside-47.0%

Net Debt (used)$2.88B

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

WACC \ Near-term	3.6%	7.6%	11.6%	15.6%	19.6%
7.0%	$1.61	$8.73	$16.96	$26.40	$37.21
8.0%	$-5.32	$0.37	$6.93	$14.46	$23.06
9.0%	$-10.10	$-5.40	$0.01	$6.22	$13.31
10.0%	$-13.59	$-9.61	$-5.03	$0.21	$6.20
11.0%	$-16.26	$-12.82	$-8.88	$-4.36	$0.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.46

Book Value / share($)Yahoo: $60.70

Results

Graham Number$57.96

Current Price$64.98

Margin of Safety-10.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.92%

Terminal growth rate(%)

Computed WACC: 5.92%

Cost of equity (Re)9.45%(Rf 4.30% + β 0.94 × 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)62.68%

Debt weight (D/V)37.32%

Results

Current Price$64.98

Implied Near-term FCF Growth17.5%

Historical Revenue Growth11.6%

Historical Earnings Growth-24.2%

Base FCF (TTM)$111.69M

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: $1.38

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.43

Current Price$64.98

Upside / Downside-56.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $696.24M

Target EV/EBITDA multipleCurrent: 11.8×

Net Debt($B)Default: $2.88B

Results

Implied Equity Value / share$64.98

Current Price$64.98

Upside / Downside-0.0%

Implied EV$8.20B

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

Mult \ Net Debt	$880.83M	$1.88B	$2.88B	$3.88B	$4.88B
7.8x	$55.39	$43.18	$30.96	$18.74	$6.53
9.8x	$72.40	$60.19	$47.97	$35.75	$23.54
11.8x	$89.41	$77.20	$64.98	$52.76	$40.55
13.8x	$106.42	$94.21	$81.99	$69.77	$57.56
15.8x	$123.43	$111.22	$99.00	$86.78	$74.57

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