BKNG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4106.36)
DCF	$23503.60	+472.4%
Graham Number	—	—
Reverse DCF	—	implied g: 7.4%
DDM	$809.58	-80.3%
EV/EBITDA	$4239.34	+3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $6.55B

Near-term growth (yrs 1–5)(%)Rev: 16.0% / EPS: 38.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.44%

Computed WACC: 9.44%

Cost of equity (Re)10.82%(Rf 4.30% + β 1.19 × 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)87.21%

Debt weight (D/V)12.79%

Results

Intrinsic Value / share$21636.92

Current Price$4106.36

Upside / Downside+426.9%

Net Debt (used)$2.21B

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

WACC \ Near-term	30.4%	34.4%	38.4%	42.4%	46.4%
7.0%	$27493.32	$31882.58	$36819.58	$42354.34	$48539.82
8.0%	$21617.39	$25050.57	$28910.84	$33237.10	$38070.57
9.0%	$17598.99	$20378.95	$23503.60	$27004.27	$30914.18
10.0%	$14691.63	$16999.49	$19592.51	$22496.59	$25739.16
11.0%	$12500.39	$14452.85	$16645.72	$19100.78	$21841.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $165.76

Book Value / share($)Yahoo: $-174.89

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$4106.36

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.44%

Terminal growth rate(%)

Computed WACC: 9.44%

Cost of equity (Re)10.82%(Rf 4.30% + β 1.19 × 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)87.21%

Debt weight (D/V)12.79%

Results

Current Price$4106.36

Implied Near-term FCF Growth8.6%

Historical Revenue Growth16.0%

Historical Earnings Growth38.4%

Base FCF (TTM)$6.55B

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: $39.30

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$809.58

Current Price$4106.36

Upside / Downside-80.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $10.11B

Target EV/EBITDA multipleCurrent: 13.5×

Net Debt($B)Default: $2.21B

Results

Implied Equity Value / share$4239.34

Current Price$4106.36

Upside / Downside+3.2%

Implied EV$136.49B

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

Mult \ Net Debt	$211.00M	$1.21B	$2.21B	$3.21B	$4.21B
9.5x	$3025.70	$2994.13	$2962.55	$2930.98	$2899.41
11.5x	$3664.09	$3632.52	$3600.95	$3569.37	$3537.80
13.5x	$4302.48	$4270.91	$4239.34	$4207.77	$4176.19
15.5x	$4940.87	$4909.30	$4877.73	$4846.16	$4814.58
17.5x	$5579.27	$5547.69	$5516.12	$5484.55	$5452.98

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