BAX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.69)
DCF	$83.78	+325.5%
Graham Number	—	—
Reverse DCF	—	implied g: -9.7%
DDM	$7.42	-62.3%
EV/EBITDA	$20.32	+3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.43B

Near-term growth (yrs 1–5)(%)Rev: 8.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.82%

Computed WACC: 4.82%

Cost of equity (Re)7.52%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)2.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.88%

Debt weight (D/V)49.12%

Results

Intrinsic Value / share$270.76

Current Price$19.69

Upside / Downside+1275.1%

Net Debt (used)$7.81B

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

WACC \ Near-term	0.0%	4.0%	8.0%	12.0%	16.0%
7.0%	$86.31	$106.44	$129.77	$156.69	$187.59
8.0%	$67.74	$83.88	$102.57	$124.10	$148.79
9.0%	$54.90	$68.29	$83.78	$101.59	$122.01
10.0%	$45.50	$56.88	$70.03	$85.14	$102.43
11.0%	$38.31	$48.17	$59.54	$72.59	$87.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.75

Book Value / share($)Yahoo: $11.92

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$19.69

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.82%

Terminal growth rate(%)

Computed WACC: 4.82%

Cost of equity (Re)7.52%(Rf 4.30% + β 0.58 × ERP 5.50%)

Cost of debt (Rd)2.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)50.88%

Debt weight (D/V)49.12%

Results

Current Price$19.69

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth8.0%

Historical Earnings Growth—

Base FCF (TTM)$2.43B

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$19.69

Upside / Downside-62.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.02B

Target EV/EBITDA multipleCurrent: 9.1×

Net Debt($B)Default: $7.81B

Results

Implied Equity Value / share$20.32

Current Price$19.69

Upside / Downside+3.2%

Implied EV$18.27B

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

Mult \ Net Debt	$3.81B	$5.81B	$7.81B	$9.81B	$11.81B
5.1x	$12.40	$8.52	$4.63	$0.74	$-3.15
7.1x	$20.25	$16.36	$12.47	$8.59	$4.70
9.1x	$28.09	$24.20	$20.32	$16.43	$12.54
11.1x	$35.94	$32.05	$28.16	$24.27	$20.39
13.1x	$43.78	$39.89	$36.01	$32.12	$28.23

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