BKR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($62.15)
DCF	$17.01	-72.6%
Graham Number	$33.41	-46.2%
Reverse DCF	—	implied g: 25.6%
DDM	$18.95	-69.5%
EV/EBITDA	$65.01	+4.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.13B

Near-term growth (yrs 1–5)(%)Rev: 0.3% / EPS: -25.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.24%

Computed WACC: 8.24%

Cost of equity (Re)9.13%(Rf 4.30% + β 0.88 × 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)90.16%

Debt weight (D/V)9.84%

Results

Intrinsic Value / share$19.69

Current Price$62.15

Upside / Downside-68.3%

Net Debt (used)$2.99B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$17.18	$21.26	$26.01	$31.52	$37.85
8.0%	$13.58	$16.87	$20.69	$25.10	$30.18
9.0%	$11.09	$13.83	$17.01	$20.67	$24.88
10.0%	$9.26	$11.60	$14.30	$17.42	$21.00
11.0%	$7.86	$9.89	$12.24	$14.94	$18.04

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.60

Book Value / share($)Yahoo: $19.09

Results

Graham Number$33.41

Current Price$62.15

Margin of Safety-46.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.24%

Terminal growth rate(%)

Computed WACC: 8.24%

Cost of equity (Re)9.13%(Rf 4.30% + β 0.88 × 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)90.16%

Debt weight (D/V)9.84%

Results

Current Price$62.15

Implied Near-term FCF Growth23.0%

Historical Revenue Growth0.3%

Historical Earnings Growth-25.6%

Base FCF (TTM)$1.13B

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$62.15

Upside / Downside-69.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.70B

Target EV/EBITDA multipleCurrent: 14.3×

Net Debt($B)Default: $2.99B

Results

Implied Equity Value / share$65.01

Current Price$62.15

Upside / Downside+4.6%

Implied EV$67.23B

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

Mult \ Net Debt	$987.00M	$1.99B	$2.99B	$3.99B	$4.99B
10.3x	$48.03	$47.02	$46.01	$44.99	$43.98
12.3x	$57.53	$56.52	$55.51	$54.50	$53.48
14.3x	$67.03	$66.02	$65.01	$64.00	$62.99
16.3x	$76.54	$75.52	$74.51	$73.50	$72.49
18.3x	$86.04	$85.03	$84.01	$83.00	$81.99

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