AWK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($135.44)
DCF	$-301.47	-322.6%
Graham Number	$84.31	-37.7%
Reverse DCF	—	—
DDM	$68.19	-49.7%
EV/EBITDA	$135.44	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.34B

Near-term growth (yrs 1–5)(%)Rev: 5.8% / EPS: 0.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.29%

Computed WACC: 5.29%

Cost of equity (Re)8.47%(Rf 4.30% + β 0.76 × 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)62.40%

Debt weight (D/V)37.60%

Results

Intrinsic Value / share$-601.42

Current Price$135.44

Upside / Downside-544.1%

Net Debt (used)$15.78B

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

WACC \ Near-term	-2.2%	1.8%	5.8%	9.8%	13.8%
7.0%	$-304.38	$-349.36	$-401.64	$-462.09	$-531.66
8.0%	$-264.29	$-300.46	$-342.43	$-390.90	$-446.62
9.0%	$-236.53	$-266.61	$-301.47	$-341.68	$-387.85
10.0%	$-216.16	$-241.80	$-271.47	$-305.65	$-344.85
11.0%	$-200.57	$-222.83	$-248.55	$-278.13	$-312.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.69

Book Value / share($)Yahoo: $55.52

Results

Graham Number$84.31

Current Price$135.44

Margin of Safety-37.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.29%

Terminal growth rate(%)

Computed WACC: 5.29%

Cost of equity (Re)8.47%(Rf 4.30% + β 0.76 × 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)62.40%

Debt weight (D/V)37.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$135.44

Implied Near-term FCF Growth—

Historical Revenue Growth5.8%

Historical Earnings Growth0.0%

Base FCF (TTM)-$2.34B

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: $3.31

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$68.19

Current Price$135.44

Upside / Downside-49.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.79B

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $15.78B

Results

Implied Equity Value / share$135.44

Current Price$135.44

Upside / Downside-0.0%

Implied EV$42.21B

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

Mult \ Net Debt	$7.78B	$11.78B	$15.78B	$19.78B	$23.78B
11.1x	$119.27	$98.78	$78.29	$57.80	$37.31
13.1x	$147.84	$127.35	$106.86	$86.37	$65.88
15.1x	$176.42	$155.93	$135.44	$114.95	$94.45
17.1x	$204.99	$184.50	$164.01	$143.52	$123.03
19.1x	$233.57	$213.08	$192.59	$172.09	$151.60

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