BEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.00)
DCF	$217.12	+704.2%
Graham Number	$24.03	-11.0%
Reverse DCF	—	implied g: 21.5%
DDM	$27.19	+0.7%
EV/EBITDA	$31.33	+16.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $328.34M

Near-term growth (yrs 1–5)(%)Rev: 3.4% / EPS: 60.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.56%

Computed WACC: 10.56%

Cost of equity (Re)12.48%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)3.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.91%

Debt weight (D/V)20.09%

Results

Intrinsic Value / share$161.59

Current Price$27.00

Upside / Downside+498.5%

Net Debt (used)$866.50M

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

WACC \ Near-term	52.6%	56.6%	60.6%	64.6%	68.6%
7.0%	$270.49	$307.69	$348.86	$394.32	$444.40
8.0%	$209.78	$238.60	$270.50	$305.71	$344.50
9.0%	$168.42	$191.54	$217.12	$245.36	$276.46
10.0%	$138.64	$157.65	$178.69	$201.90	$227.46
11.0%	$116.30	$132.23	$149.86	$169.31	$190.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.10

Book Value / share($)Yahoo: $23.34

Results

Graham Number$24.03

Current Price$27.00

Margin of Safety-11.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.56%

Terminal growth rate(%)

Computed WACC: 10.56%

Cost of equity (Re)12.48%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)3.69%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)79.91%

Debt weight (D/V)20.09%

Results

Current Price$27.00

Implied Near-term FCF Growth26.2%

Historical Revenue Growth3.4%

Historical Earnings Growth60.6%

Base FCF (TTM)$328.34M

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: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$27.00

Upside / Downside+0.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.70B

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $866.50M

Results

Implied Equity Value / share$31.33

Current Price$27.00

Upside / Downside+16.1%

Implied EV$17.18B

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

Mult \ Net Debt	-$1.13B	-$133.50M	$866.50M	$1.87B	$2.87B
6.1x	$22.10	$20.18	$18.26	$16.34	$14.42
8.1x	$28.64	$26.72	$24.80	$22.88	$20.96
10.1x	$35.17	$33.25	$31.33	$29.41	$27.49
12.1x	$41.71	$39.79	$37.87	$35.95	$34.03
14.1x	$48.25	$46.33	$44.41	$42.49	$40.57

← Overview Financial Statements ← Companies