BFS-PD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.98)
DCF	—	—
Graham Number	$13.79	-34.2%
Reverse DCF	—	implied g: 65.0%
DDM	$31.52	+50.3%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $73.95M

Near-term growth (yrs 1–5)(%)Rev: 10.6% / EPS: -29.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.88%

Computed WACC: 10.88%

Cost of equity (Re)9.52%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)15.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.10%

Debt weight (D/V)52.90%

Results

Intrinsic Value / share—

Current Price$20.98

Upside / Downside—

Net Debt (used)$1.59B

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

WACC \ Near-term	2.6%	6.6%	10.6%	14.6%	18.6%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.69

Book Value / share($)Yahoo: $5.00

Results

Graham Number$13.79

Current Price$20.98

Margin of Safety-34.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.88%

Terminal growth rate(%)

Computed WACC: 10.88%

Cost of equity (Re)9.52%(Rf 4.30% + β 0.95 × ERP 5.50%)

Cost of debt (Rd)15.30%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)47.10%

Debt weight (D/V)52.90%

Results

Current Price$20.98

Implied Near-term FCF Growth65.0%

Historical Revenue Growth10.6%

Historical Earnings Growth-29.2%

Base FCF (TTM)$73.95M

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: $1.53

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.52

Current Price$20.98

Upside / Downside+50.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $174.43M

Target EV/EBITDA multipleCurrent: 14.1×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share—

Current Price$20.98

Upside / Downside—

Implied EV$2.46B

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