AWR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($74.79)
DCF	$-90.90	-221.5%
Graham Number	$45.04	-39.8%
Reverse DCF	—	—
DDM	$41.61	-44.4%
EV/EBITDA	$74.79	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$84.84M

Near-term growth (yrs 1–5)(%)Rev: 14.8% / EPS: -1.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.09%

Computed WACC: 6.09%

Cost of equity (Re)8.04%(Rf 4.30% + β 0.68 × 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)75.70%

Debt weight (D/V)24.30%

Results

Intrinsic Value / share$-151.85

Current Price$74.79

Upside / Downside-303.0%

Net Debt (used)$919.55M

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

WACC \ Near-term	6.8%	10.8%	14.8%	18.8%	22.8%
7.0%	$-95.10	$-108.65	$-124.22	$-142.06	$-162.40
8.0%	$-81.33	$-92.10	$-104.49	$-118.66	$-134.81
9.0%	$-71.83	$-80.71	$-90.90	$-102.55	$-115.82
10.0%	$-64.90	$-72.40	$-80.99	$-90.81	$-101.98
11.0%	$-59.63	$-66.08	$-73.46	$-81.89	$-91.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.37

Book Value / share($)Yahoo: $26.75

Results

Graham Number$45.04

Current Price$74.79

Margin of Safety-39.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.09%

Terminal growth rate(%)

Computed WACC: 6.09%

Cost of equity (Re)8.04%(Rf 4.30% + β 0.68 × 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)75.70%

Debt weight (D/V)24.30%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$74.79

Implied Near-term FCF Growth—

Historical Revenue Growth14.8%

Historical Earnings Growth-1.2%

Base FCF (TTM)-$84.84M

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: $2.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.61

Current Price$74.79

Upside / Downside-44.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $255.39M

Target EV/EBITDA multipleCurrent: 15.0×

Net Debt($B)Default: $919.55M

Results

Implied Equity Value / share$74.79

Current Price$74.79

Upside / Downside+0.0%

Implied EV$3.84B

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

Mult \ Net Debt	-$1.08B	-$80.45M	$919.55M	$1.92B	$2.92B
11.0x	$99.83	$74.24	$48.65	$23.07	$-2.52
13.0x	$112.90	$87.31	$61.72	$36.14	$10.55
15.0x	$125.97	$100.38	$74.79	$49.21	$23.62
17.0x	$139.04	$113.45	$87.86	$62.27	$36.69
19.0x	$152.11	$126.52	$100.93	$75.34	$49.76

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