BELFB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($216.50)
DCF	$179.66	-17.0%
Graham Number	$59.30	-72.6%
Reverse DCF	—	implied g: 20.4%
DDM	$5.77	-97.3%
EV/EBITDA	$275.93	+27.5%

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: 9.99%

Computed WACC: 9.99%

Cost of equity (Re)10.81%(Rf 4.30% + β 1.18 × 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)92.48%

Debt weight (D/V)7.52%

Results

Intrinsic Value / share$150.66

Current Price$216.50

Upside / Downside-30.4%

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%	$194.45	$233.46	$278.21	$329.33	$387.47
8.0%	$153.36	$184.33	$219.83	$260.34	$306.39
9.0%	$125.07	$150.52	$179.66	$212.89	$250.64
10.0%	$104.45	$125.88	$150.41	$178.35	$210.07
11.0%	$88.79	$107.18	$128.20	$152.14	$179.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.65

Book Value / share($)Yahoo: $33.61

Results

Graham Number$59.30

Current Price$216.50

Margin of Safety-72.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.99%

Terminal growth rate(%)

Computed WACC: 9.99%

Cost of equity (Re)10.81%(Rf 4.30% + β 1.18 × 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)92.48%

Debt weight (D/V)7.52%

Results

Current Price$216.50

Implied Near-term FCF Growth23.4%

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$216.50

Upside / Downside-97.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $133.50M

Target EV/EBITDA multipleCurrent: 23.0×

Net Debt($B)Default: $164.86M

Results

Implied Equity Value / share$275.93

Current Price$216.50

Upside / Downside+27.5%

Implied EV$3.07B

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

Mult \ Net Debt	-$1.84B	-$835.14M	$164.86M	$1.16B	$2.16B
19.0x	$415.01	$320.14	$225.27	$130.41	$35.54
21.0x	$440.34	$345.47	$250.60	$155.73	$60.87
23.0x	$465.67	$370.80	$275.93	$181.06	$86.20
25.0x	$490.99	$396.13	$301.26	$206.39	$111.52
27.0x	$516.32	$421.46	$326.59	$231.72	$136.85

← Overview Financial Statements ← Companies