BA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($227.53)
DCF	$622.49	+173.6%
Graham Number	$19.68	-91.3%
Reverse DCF	—	implied g: 38.9%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.76B

Near-term growth (yrs 1–5)(%)Rev: 57.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.01%

Computed WACC: 9.01%

Cost of equity (Re)10.57%(Rf 4.30% + β 1.14 × ERP 5.50%)

Cost of debt (Rd)5.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)76.02%

Debt weight (D/V)23.98%

Results

Intrinsic Value / share$620.03

Current Price$227.53

Upside / Downside+172.5%

Net Debt (used)$27.71B

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

WACC \ Near-term	49.1%	53.1%	57.1%	61.1%	65.1%
7.0%	$774.63	$887.91	$1013.58	$1152.64	$1306.13
8.0%	$594.96	$682.84	$780.31	$888.16	$1007.17
9.0%	$472.51	$543.09	$621.36	$707.94	$803.48
10.0%	$384.26	$442.38	$506.82	$578.08	$656.71
11.0%	$318.03	$366.79	$420.86	$480.64	$546.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.48

Book Value / share($)Yahoo: $6.94

Results

Graham Number$19.68

Current Price$227.53

Margin of Safety-91.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.01%

Terminal growth rate(%)

Computed WACC: 9.01%

Cost of equity (Re)10.57%(Rf 4.30% + β 1.14 × ERP 5.50%)

Cost of debt (Rd)5.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)76.02%

Debt weight (D/V)23.98%

Results

Current Price$227.53

Implied Near-term FCF Growth39.0%

Historical Revenue Growth57.1%

Historical Earnings Growth—

Base FCF (TTM)$1.76B

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$227.53

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$3.24B

Target EV/EBITDA multipleCurrent: -63.7×

Net Debt($B)Default: $27.71B

Results

Implied Equity Value / share$227.54

Current Price$227.53

Upside / Downside+0.0%

Implied EV$206.41B

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