AVY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($194.97)
DCF	$92.58	-52.5%
Graham Number	$75.99	-61.0%
Reverse DCF	—	implied g: 14.4%
DDM	$77.46	-60.3%
EV/EBITDA	$193.91	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $618.59M

Near-term growth (yrs 1–5)(%)Rev: 3.9% / EPS: -0.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.70%

Computed WACC: 7.70%

Cost of equity (Re)9.72%(Rf 4.30% + β 0.99 × 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)79.22%

Debt weight (D/V)20.78%

Results

Intrinsic Value / share$128.13

Current Price$194.97

Upside / Downside-34.3%

Net Debt (used)$3.70B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$93.79	$122.45	$155.78	$194.37	$238.81
8.0%	$68.57	$91.64	$118.43	$149.40	$185.03
9.0%	$51.10	$70.31	$92.58	$118.30	$147.84
10.0%	$38.27	$54.66	$73.63	$95.51	$120.61
11.0%	$28.45	$42.69	$59.15	$78.10	$99.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.80

Book Value / share($)Yahoo: $29.16

Results

Graham Number$75.99

Current Price$194.97

Margin of Safety-61.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.70%

Terminal growth rate(%)

Computed WACC: 7.70%

Cost of equity (Re)9.72%(Rf 4.30% + β 0.99 × 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)79.22%

Debt weight (D/V)20.78%

Results

Current Price$194.97

Implied Near-term FCF Growth10.3%

Historical Revenue Growth3.9%

Historical Earnings Growth-0.6%

Base FCF (TTM)$618.59M

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: $3.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$77.46

Current Price$194.97

Upside / Downside-60.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.42B

Target EV/EBITDA multipleCurrent: 13.2×

Net Debt($B)Default: $3.70B

Results

Implied Equity Value / share$193.91

Current Price$194.97

Upside / Downside-0.5%

Implied EV$18.69B

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

Mult \ Net Debt	$1.70B	$2.70B	$3.70B	$4.70B	$5.70B
9.2x	$146.36	$133.42	$120.49	$107.55	$94.61
11.2x	$183.08	$170.14	$157.20	$144.26	$131.33
13.2x	$219.79	$206.85	$193.91	$180.98	$168.04
15.2x	$256.50	$243.57	$230.63	$217.69	$204.75
17.2x	$293.22	$280.28	$267.34	$254.40	$241.47

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