BDC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($142.40)
DCF	$123.94	-13.0%
Graham Number	$65.48	-54.0%
Reverse DCF	—	implied g: 22.7%
DDM	$4.12	-97.1%
EV/EBITDA	$142.41	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $134.85M

Near-term growth (yrs 1–5)(%)Rev: 8.1% / EPS: 20.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.77%

Computed WACC: 8.77%

Cost of equity (Re)10.98%(Rf 4.30% + β 1.21 × 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)79.87%

Debt weight (D/V)20.13%

Results

Intrinsic Value / share$130.29

Current Price$142.40

Upside / Downside-8.5%

Net Debt (used)$1.02B

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

WACC \ Near-term	12.6%	16.6%	20.6%	24.6%	28.6%
7.0%	$137.71	$167.46	$201.49	$240.22	$284.16
8.0%	$105.05	$128.61	$155.52	$186.14	$220.85
9.0%	$82.59	$101.90	$123.94	$148.99	$177.38
10.0%	$66.25	$82.47	$100.96	$121.98	$145.77
11.0%	$53.86	$67.73	$83.55	$101.51	$121.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.87

Book Value / share($)Yahoo: $32.47

Results

Graham Number$65.48

Current Price$142.40

Margin of Safety-54.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.77%

Terminal growth rate(%)

Computed WACC: 8.77%

Cost of equity (Re)10.98%(Rf 4.30% + β 1.21 × 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)79.87%

Debt weight (D/V)20.13%

Results

Current Price$142.40

Implied Near-term FCF Growth21.9%

Historical Revenue Growth8.1%

Historical Earnings Growth20.6%

Base FCF (TTM)$134.85M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$142.40

Upside / Downside-97.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $437.75M

Target EV/EBITDA multipleCurrent: 14.9×

Net Debt($B)Default: $1.02B

Results

Implied Equity Value / share$142.41

Current Price$142.40

Upside / Downside+0.0%

Implied EV$6.54B

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

Mult \ Net Debt	$1.02B	$1.02B	$1.02B	$1.02B	$1.02B
10.9x	$97.22	$97.22	$97.22	$97.22	$97.22
12.9x	$119.81	$119.81	$119.81	$119.81	$119.81
14.9x	$142.41	$142.41	$142.41	$142.41	$142.41
16.9x	$165.00	$165.00	$165.00	$165.00	$165.00
18.9x	$187.59	$187.59	$187.59	$187.59	$187.59

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