AXS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.91)
DCF	$-6240.94	-5937.6%
Graham Number	$147.53	+38.0%
Reverse DCF	—	—
DDM	$36.26	-66.1%
EV/EBITDA	$108.64	+1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$13.03B

Near-term growth (yrs 1–5)(%)Rev: 17.8% / EPS: 8.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.13%

Computed WACC: 7.13%

Cost of equity (Re)7.78%(Rf 4.30% + β 0.63 × ERP 5.50%)

Cost of debt (Rd)4.46%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.84%

Debt weight (D/V)15.16%

Results

Intrinsic Value / share$-9106.03

Current Price$106.91

Upside / Downside-8617.5%

Net Debt (used)$652.64M

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

WACC \ Near-term	9.8%	13.8%	17.8%	21.8%	25.8%
7.0%	$-6725.62	$-7969.25	$-9395.34	$-11023.51	$-12874.78
8.0%	$-5408.65	$-6395.62	$-7526.44	$-8816.53	$-10282.39
9.0%	$-4502.18	$-5312.88	$-6240.94	$-7298.90	$-8500.18
10.0%	$-3841.65	$-4524.22	$-5304.92	$-6194.21	$-7203.27
11.0%	$-3339.97	$-3925.49	$-4594.60	$-5356.19	$-6219.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $12.35

Book Value / share($)Yahoo: $78.32

Results

Graham Number$147.53

Current Price$106.91

Margin of Safety+38.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.13%

Terminal growth rate(%)

Computed WACC: 7.13%

Cost of equity (Re)7.78%(Rf 4.30% + β 0.63 × ERP 5.50%)

Cost of debt (Rd)4.46%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.84%

Debt weight (D/V)15.16%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$106.91

Implied Near-term FCF Growth—

Historical Revenue Growth17.8%

Historical Earnings Growth8.6%

Base FCF (TTM)-$13.03B

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: $1.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$36.26

Current Price$106.91

Upside / Downside-66.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.48B

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $652.64M

Results

Implied Equity Value / share$108.64

Current Price$106.91

Upside / Downside+1.6%

Implied EV$9.02B

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

Mult \ Net Debt	-$1.35B	-$347.36M	$652.64M	$1.65B	$2.65B
2.1x	$57.69	$44.71	$31.73	$18.75	$5.77
4.1x	$96.15	$83.17	$70.19	$57.21	$44.22
6.1x	$134.60	$121.62	$108.64	$95.66	$82.68
8.1x	$173.05	$160.07	$147.09	$134.11	$121.13
10.1x	$211.51	$198.53	$185.55	$172.57	$159.59

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