BKE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($51.02)
DCF	$70.74	+38.7%
Graham Number	$30.60	-40.0%
Reverse DCF	—	implied g: 3.8%
DDM	$28.84	-43.5%
EV/EBITDA	$51.26	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $161.83M

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: 9.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.99%

Computed WACC: 8.99%

Cost of equity (Re)10.28%(Rf 4.30% + β 1.09 × 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)87.44%

Debt weight (D/V)12.56%

Results

Intrinsic Value / share$70.98

Current Price$51.02

Upside / Downside+39.1%

Net Debt (used)$34.76M

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$73.22	$87.75	$104.57	$123.94	$146.16
8.0%	$59.55	$71.18	$84.63	$100.10	$117.83
9.0%	$50.10	$59.74	$70.86	$83.65	$98.28
10.0%	$43.19	$51.36	$60.80	$71.63	$84.01
11.0%	$37.91	$44.98	$53.12	$62.47	$73.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.09

Book Value / share($)Yahoo: $10.17

Results

Graham Number$30.60

Current Price$51.02

Margin of Safety-40.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.99%

Terminal growth rate(%)

Computed WACC: 8.99%

Cost of equity (Re)10.28%(Rf 4.30% + β 1.09 × 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)87.44%

Debt weight (D/V)12.56%

Results

Current Price$51.02

Implied Near-term FCF Growth3.8%

Historical Revenue Growth9.3%

Historical Earnings Growth9.1%

Base FCF (TTM)$161.83M

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: $1.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.84

Current Price$51.02

Upside / Downside-43.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $281.59M

Target EV/EBITDA multipleCurrent: 9.4×

Net Debt($B)Default: $34.76M

Results

Implied Equity Value / share$51.26

Current Price$51.02

Upside / Downside+0.5%

Implied EV$2.66B

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

Mult \ Net Debt	-$1.97B	-$965.24M	$34.76M	$1.03B	$2.03B
5.4x	$68.34	$48.79	$29.24	$9.70	$-9.85
7.4x	$79.35	$59.80	$40.25	$20.70	$1.16
9.4x	$90.36	$70.81	$51.26	$31.71	$12.17
11.4x	$101.37	$81.82	$62.27	$42.72	$23.17
13.4x	$112.37	$92.83	$73.28	$53.73	$34.18

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