BL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.01)
DCF	$43.04	+19.5%
Graham Number	$7.07	-80.4%
Reverse DCF	—	implied g: 5.2%
DDM	—	—
EV/EBITDA	$36.70	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $128.37M

Near-term growth (yrs 1–5)(%)Rev: 8.1% / EPS: -90.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.41%

Computed WACC: 6.41%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.86 × 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)70.77%

Debt weight (D/V)29.23%

Results

Intrinsic Value / share$74.41

Current Price$36.01

Upside / Downside+106.6%

Net Debt (used)$142.20M

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

WACC \ Near-term	0.1%	4.1%	8.1%	12.1%	16.1%
7.0%	$44.14	$53.36	$64.05	$76.37	$90.52
8.0%	$35.63	$43.02	$51.58	$61.44	$72.74
9.0%	$29.74	$35.87	$42.96	$51.12	$60.47
10.0%	$25.42	$30.64	$36.66	$43.58	$51.49
11.0%	$22.13	$26.64	$31.85	$37.82	$44.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.40

Book Value / share($)Yahoo: $5.55

Results

Graham Number$7.07

Current Price$36.01

Margin of Safety-80.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.41%

Terminal growth rate(%)

Computed WACC: 6.41%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.86 × 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)70.77%

Debt weight (D/V)29.23%

Results

Current Price$36.01

Implied Near-term FCF Growth-2.8%

Historical Revenue Growth8.1%

Historical Earnings Growth-90.1%

Base FCF (TTM)$128.37M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$36.01

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $60.32M

Target EV/EBITDA multipleCurrent: 38.6×

Net Debt($B)Default: $142.20M

Results

Implied Equity Value / share$36.70

Current Price$36.01

Upside / Downside+1.9%

Implied EV$2.33B

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

Mult \ Net Debt	-$1.86B	-$857.80M	$142.20M	$1.14B	$2.14B
34.6x	$66.27	$49.46	$32.65	$15.83	$-0.98
36.6x	$68.29	$51.48	$34.67	$17.86	$1.05
38.6x	$70.32	$53.51	$36.70	$19.89	$3.08
40.6x	$72.35	$55.54	$38.73	$21.92	$5.11
42.6x	$74.38	$57.57	$40.76	$23.95	$7.14

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