BG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($120.61)
DCF	$-25456.53	-21206.5%
Graham Number	$95.51	-20.8%
Reverse DCF	—	—
DDM	$57.68	-52.2%
EV/EBITDA	$128.45	+6.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$7.11B

Near-term growth (yrs 1–5)(%)Rev: 75.5% / EPS: -88.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.58%

Computed WACC: 7.58%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)8.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.55%

Debt weight (D/V)40.45%

Results

Intrinsic Value / share$-35330.82

Current Price$120.61

Upside / Downside-29393.4%

Net Debt (used)$13.86B

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

WACC \ Near-term	67.5%	71.5%	75.5%	79.5%	83.5%
7.0%	$-32710.93	$-36772.95	$-41230.61	$-46112.17	$-51447.20
8.0%	$-25293.37	$-28426.98	$-31865.50	$-35630.69	$-39745.33
9.0%	$-20250.17	$-22752.73	$-25498.53	$-28504.92	$-31790.08
10.0%	$-16624.81	$-18673.87	$-20921.86	$-23382.98	$-26072.07
11.0%	$-13911.46	$-15621.22	$-17496.78	$-19549.96	$-21793.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.93

Book Value / share($)Yahoo: $82.23

Results

Graham Number$95.51

Current Price$120.61

Margin of Safety-20.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.58%

Terminal growth rate(%)

Computed WACC: 7.58%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)8.09%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.55%

Debt weight (D/V)40.45%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$120.61

Implied Near-term FCF Growth—

Historical Revenue Growth75.5%

Historical Earnings Growth-88.8%

Base FCF (TTM)-$7.11B

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: $2.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.68

Current Price$120.61

Upside / Downside-52.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.10B

Target EV/EBITDA multipleCurrent: 18.5×

Net Debt($B)Default: $13.86B

Results

Implied Equity Value / share$128.45

Current Price$120.61

Upside / Downside+6.5%

Implied EV$38.72B

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

Mult \ Net Debt	$7.86B	$10.86B	$13.86B	$16.86B	$19.86B
14.5x	$116.15	$100.65	$85.15	$69.64	$54.14
16.5x	$137.81	$122.30	$106.80	$91.30	$75.79
18.5x	$159.46	$143.96	$128.45	$112.95	$97.45
20.5x	$181.11	$165.61	$150.10	$134.60	$119.10
22.5x	$202.76	$187.26	$171.76	$156.25	$140.75

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