BE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($166.00)
DCF	$65.15	-60.8%
Graham Number	—	—
Reverse DCF	—	implied g: 53.8%
DDM	—	—
EV/EBITDA	$166.09	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $188.46M

Near-term growth (yrs 1–5)(%)Rev: 35.9% / EPS: -98.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 20.59%

Computed WACC: 20.59%

Cost of equity (Re)21.81%(Rf 4.30% + β 3.18 × ERP 5.50%)

Cost of debt (Rd)2.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.96%

Debt weight (D/V)6.04%

Results

Intrinsic Value / share$14.83

Current Price$166.00

Upside / Downside-91.1%

Net Debt (used)$541.69M

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

WACC \ Near-term	27.9%	31.9%	35.9%	39.9%	43.9%
7.0%	$75.70	$88.29	$102.48	$118.42	$136.26
8.0%	$59.28	$69.14	$80.25	$92.72	$106.68
9.0%	$48.04	$56.03	$65.04	$75.14	$86.45
10.0%	$39.90	$46.54	$54.03	$62.42	$71.82
11.0%	$33.76	$39.39	$45.73	$52.83	$60.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.37

Book Value / share($)Yahoo: $2.75

Results

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

Graham Number—

Current Price$166.00

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 20.59%

Terminal growth rate(%)

Computed WACC: 20.59%

Cost of equity (Re)21.81%(Rf 4.30% + β 3.18 × ERP 5.50%)

Cost of debt (Rd)2.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)93.96%

Debt weight (D/V)6.04%

Results

Current Price$166.00

Implied Near-term FCF Growth90.1%

Historical Revenue Growth35.9%

Historical Earnings Growth-98.8%

Base FCF (TTM)$188.46M

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$166.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $139.04M

Target EV/EBITDA multipleCurrent: 339.0×

Net Debt($B)Default: $541.69M

Results

Implied Equity Value / share$166.09

Current Price$166.00

Upside / Downside+0.1%

Implied EV$47.14B

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

Mult \ Net Debt	-$1.46B	-$458.31M	$541.69M	$1.54B	$2.54B
335.0x	$171.23	$167.67	$164.10	$160.54	$156.98
337.0x	$172.22	$168.66	$165.10	$161.53	$157.97
339.0x	$173.22	$169.65	$166.09	$162.52	$158.96
341.0x	$174.21	$170.64	$167.08	$163.51	$159.95
343.0x	$175.20	$171.63	$168.07	$164.50	$160.94

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