BELFA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($205.14)
DCF	$895.30	+336.4%
Graham Number	$58.21	-71.6%
Reverse DCF	—	implied g: -3.8%
DDM	$4.94	-97.6%
EV/EBITDA	$1271.49	+519.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $57.16M

Near-term growth (yrs 1–5)(%)Rev: 17.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.10%

Computed WACC: 10.10%

Cost of equity (Re)10.97%(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)92.10%

Debt weight (D/V)7.90%

Results

Intrinsic Value / share$737.11

Current Price$205.14

Upside / Downside+259.3%

Net Debt (used)$164.86M

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

WACC \ Near-term	9.4%	13.4%	17.4%	21.4%	25.4%
7.0%	$969.02	$1163.42	$1386.43	$1641.15	$1930.88
8.0%	$764.23	$918.56	$1095.47	$1297.36	$1526.85
9.0%	$623.25	$750.07	$895.30	$1060.92	$1249.05
10.0%	$520.50	$627.31	$749.53	$888.79	$1046.86
11.0%	$442.45	$534.10	$638.88	$758.18	$893.50

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.48

Book Value / share($)Yahoo: $33.61

Results

Graham Number$58.21

Current Price$205.14

Margin of Safety-71.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.10%

Terminal growth rate(%)

Computed WACC: 10.10%

Cost of equity (Re)10.97%(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)92.10%

Debt weight (D/V)7.90%

Results

Current Price$205.14

Implied Near-term FCF Growth-1.3%

Historical Revenue Growth17.4%

Historical Earnings Growth—

Base FCF (TTM)$57.16M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$205.14

Upside / Downside-97.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $133.50M

Target EV/EBITDA multipleCurrent: 21.4×

Net Debt($B)Default: $164.86M

Results

Implied Equity Value / share$1271.49

Current Price$205.14

Upside / Downside+519.8%

Implied EV$2.85B

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

Mult \ Net Debt	-$1.84B	-$835.14M	$164.86M	$1.16B	$2.16B
17.4x	$1964.56	$1491.80	$1019.05	$546.29	$73.54
19.4x	$2090.78	$1618.02	$1145.27	$672.51	$199.76
21.4x	$2217.00	$1744.24	$1271.49	$798.73	$325.98
23.4x	$2343.22	$1870.46	$1397.71	$924.96	$452.20
25.4x	$2469.44	$1996.68	$1523.93	$1051.18	$578.42

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