BFS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.23)
DCF	$8.52	-75.1%
Graham Number	$11.33	-66.9%
Reverse DCF	—	implied g: 15.8%
DDM	$48.62	+42.0%
EV/EBITDA	$48.87	+42.8%

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: 11.00%

Computed WACC: 11.00%

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)42.37%

Debt weight (D/V)57.63%

Results

Intrinsic Value / share$-9.96

Current Price$34.23

Upside / Downside-129.1%

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%	$11.46	$26.41	$43.68	$63.55	$86.31
8.0%	$-2.87	$9.08	$22.87	$38.72	$56.85
9.0%	$-12.76	$-2.88	$8.52	$21.60	$36.55
10.0%	$-20.00	$-11.62	$-1.97	$9.09	$21.73
11.0%	$-25.52	$-18.29	$-9.96	$-0.43	$10.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.14

Book Value / share($)Yahoo: $5.00

Results

Graham Number$11.33

Current Price$34.23

Margin of Safety-66.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.00%

Terminal growth rate(%)

Computed WACC: 11.00%

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)42.37%

Debt weight (D/V)57.63%

Results

Current Price$34.23

Implied Near-term FCF Growth21.3%

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: $2.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$48.62

Current Price$34.23

Upside / Downside+42.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $174.43M

Target EV/EBITDA multipleCurrent: 16.0×

Net Debt($B)Default: $1.59B

Results

Implied Equity Value / share$48.87

Current Price$34.23

Upside / Downside+42.8%

Implied EV$2.79B

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

Mult \ Net Debt	$1.59B	$1.59B	$1.59B	$1.59B	$1.59B
12.0x	$20.29	$20.29	$20.29	$20.29	$20.29
14.0x	$34.58	$34.58	$34.58	$34.58	$34.58
16.0x	$48.87	$48.87	$48.87	$48.87	$48.87
18.0x	$63.16	$63.16	$63.16	$63.16	$63.16
20.0x	$77.45	$77.45	$77.45	$77.45	$77.45

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