BMI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($152.20)
DCF	$115.33	-24.2%
Graham Number	$51.15	-66.4%
Reverse DCF	—	implied g: 14.7%
DDM	$31.72	-79.2%
EV/EBITDA	$152.20	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $137.20M

Near-term growth (yrs 1–5)(%)Rev: 7.6% / EPS: 9.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.33%

Computed WACC: 9.33%

Cost of equity (Re)9.36%(Rf 4.30% + β 0.92 × 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)99.72%

Debt weight (D/V)0.28%

Results

Intrinsic Value / share$109.80

Current Price$152.20

Upside / Downside-27.9%

Net Debt (used)-$213.33M

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

WACC \ Near-term	1.6%	5.6%	9.6%	13.6%	17.6%
7.0%	$119.05	$140.97	$166.34	$195.55	$229.03
8.0%	$98.34	$115.88	$136.16	$159.48	$186.19
9.0%	$84.03	$98.56	$115.33	$134.60	$156.64
10.0%	$73.55	$85.88	$100.10	$116.41	$135.06
11.0%	$65.56	$76.22	$88.49	$102.56	$118.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.79

Book Value / share($)Yahoo: $24.27

Results

Graham Number$51.15

Current Price$152.20

Margin of Safety-66.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.33%

Terminal growth rate(%)

Computed WACC: 9.33%

Cost of equity (Re)9.36%(Rf 4.30% + β 0.92 × 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)99.72%

Debt weight (D/V)0.28%

Results

Current Price$152.20

Implied Near-term FCF Growth15.6%

Historical Revenue Growth7.6%

Historical Earnings Growth9.6%

Base FCF (TTM)$137.20M

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: $1.54

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.72

Current Price$152.20

Upside / Downside-79.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $214.62M

Target EV/EBITDA multipleCurrent: 19.7×

Net Debt($B)Default: -$213.33M

Results

Implied Equity Value / share$152.20

Current Price$152.20

Upside / Downside+0.0%

Implied EV$4.23B

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

Mult \ Net Debt	-$2.21B	-$1.21B	-$213.33M	$786.67M	$1.79B
15.7x	$191.32	$157.05	$122.78	$88.52	$54.25
17.7x	$206.03	$171.76	$137.49	$103.22	$68.96
19.7x	$220.74	$186.47	$152.20	$117.93	$83.67
21.7x	$235.45	$201.18	$166.91	$132.64	$98.37
23.7x	$250.16	$215.89	$181.62	$147.35	$113.08

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