AXON — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($572.02)
DCF	$325.56	-43.1%
Graham Number	$37.18	-93.5%
Reverse DCF	—	implied g: 49.4%
DDM	—	—
EV/EBITDA	$541.14	-5.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $230.03M

Near-term growth (yrs 1–5)(%)Rev: 38.5% / EPS: -98.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.96%

Computed WACC: 11.96%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)96.00%

Debt weight (D/V)4.00%

Results

Intrinsic Value / share$199.76

Current Price$572.02

Upside / Downside-65.1%

Net Debt (used)$182.88M

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

WACC \ Near-term	30.5%	34.5%	38.5%	42.5%	46.5%
7.0%	$381.88	$443.01	$511.76	$588.84	$674.97
8.0%	$299.94	$347.76	$401.51	$461.75	$529.05
9.0%	$243.91	$282.63	$326.13	$374.87	$429.31
10.0%	$203.38	$235.51	$271.61	$312.04	$357.18
11.0%	$172.83	$200.01	$230.54	$264.71	$302.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.52

Book Value / share($)Yahoo: $40.43

Results

Graham Number$37.18

Current Price$572.02

Margin of Safety-93.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.96%

Terminal growth rate(%)

Computed WACC: 11.96%

Cost of equity (Re)12.46%(Rf 4.30% + β 1.48 × 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)96.00%

Debt weight (D/V)4.00%

Results

Current Price$572.02

Implied Near-term FCF Growth60.0%

Historical Revenue Growth38.5%

Historical Earnings Growth-98.0%

Base FCF (TTM)$230.03M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$572.02

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $53.51M

Target EV/EBITDA multipleCurrent: 816.5×

Net Debt($B)Default: $182.88M

Results

Implied Equity Value / share$541.14

Current Price$572.02

Upside / Downside-5.4%

Implied EV$43.69B

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

Mult \ Net Debt	-$1.82B	-$817.12M	$182.88M	$1.18B	$2.18B
812.5x	$563.36	$550.92	$538.48	$526.04	$513.61
814.5x	$564.69	$552.25	$539.81	$527.37	$514.94
816.5x	$566.02	$553.58	$541.14	$528.71	$516.27
818.5x	$567.35	$554.91	$542.48	$530.04	$517.60
820.5x	$568.68	$556.24	$543.81	$531.37	$518.93

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