BAM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($47.14)
DCF	$-0.84	-101.8%
Graham Number	$13.80	-70.7%
Reverse DCF	—	—
DDM	$37.49	-20.5%
EV/EBITDA	$47.26	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 31.1% / EPS: -20.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.32%

Computed WACC: 12.32%

Cost of equity (Re)12.79%(Rf 4.30% + β 1.54 × 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)96.28%

Debt weight (D/V)3.72%

Results

Intrinsic Value / share$-0.84

Current Price$47.14

Upside / Downside-101.8%

Net Debt (used)$1.36B

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

WACC \ Near-term	23.1%	27.1%	31.1%	35.1%	39.1%
7.0%	$-0.84	$-0.84	$-0.84	$-0.84	$-0.84
8.0%	$-0.84	$-0.84	$-0.84	$-0.84	$-0.84
9.0%	$-0.84	$-0.84	$-0.84	$-0.84	$-0.84
10.0%	$-0.84	$-0.84	$-0.84	$-0.84	$-0.84
11.0%	$-0.84	$-0.84	$-0.84	$-0.84	$-0.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.52

Book Value / share($)Yahoo: $5.57

Results

Graham Number$13.80

Current Price$47.14

Margin of Safety-70.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.32%

Terminal growth rate(%)

Computed WACC: 12.32%

Cost of equity (Re)12.79%(Rf 4.30% + β 1.54 × 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)96.28%

Debt weight (D/V)3.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$47.14

Implied Near-term FCF Growth—

Historical Revenue Growth31.1%

Historical Earnings Growth-20.0%

Base FCF (TTM)—

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: $1.82

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.49

Current Price$47.14

Upside / Downside-20.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.07B

Target EV/EBITDA multipleCurrent: 25.2×

Net Debt($B)Default: $1.36B

Results

Implied Equity Value / share$47.26

Current Price$47.14

Upside / Downside+0.2%

Implied EV$77.55B

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

Mult \ Net Debt	$1.36B	$1.36B	$1.36B	$1.36B	$1.36B
21.2x	$39.63	$39.63	$39.63	$39.63	$39.63
23.2x	$43.44	$43.44	$43.44	$43.44	$43.44
25.2x	$47.26	$47.26	$47.26	$47.26	$47.26
27.2x	$51.07	$51.07	$51.07	$51.07	$51.07
29.2x	$54.88	$54.88	$54.88	$54.88	$54.88

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