BNL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.32)
DCF	$44.17	+128.6%
Graham Number	$13.06	-32.4%
Reverse DCF	—	implied g: 14.6%
DDM	$24.10	+24.8%
EV/EBITDA	$20.01	+3.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $201.20M

Near-term growth (yrs 1–5)(%)Rev: 5.5% / EPS: 24.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.99%

Computed WACC: 5.99%

Cost of equity (Re)9.90%(Rf 4.30% + β 1.02 × 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)60.48%

Debt weight (D/V)39.52%

Results

Intrinsic Value / share$102.93

Current Price$19.32

Upside / Downside+432.7%

Net Debt (used)$2.47B

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

WACC \ Near-term	16.7%	20.7%	24.7%	28.7%	32.7%
7.0%	$50.40	$61.54	$74.23	$88.63	$104.89
8.0%	$37.54	$46.34	$56.35	$67.69	$80.50
9.0%	$28.72	$35.90	$44.07	$53.33	$63.77
10.0%	$22.31	$28.32	$35.16	$42.90	$51.63
11.0%	$17.45	$22.59	$28.41	$35.01	$42.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.50

Book Value / share($)Yahoo: $15.16

Results

Graham Number$13.06

Current Price$19.32

Margin of Safety-32.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.99%

Terminal growth rate(%)

Computed WACC: 5.99%

Cost of equity (Re)9.90%(Rf 4.30% + β 1.02 × 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)60.48%

Debt weight (D/V)39.52%

Results

Current Price$19.32

Implied Near-term FCF Growth3.9%

Historical Revenue Growth5.5%

Historical Earnings Growth24.7%

Base FCF (TTM)$201.20M

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: $1.17

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.10

Current Price$19.32

Upside / Downside+24.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $387.81M

Target EV/EBITDA multipleCurrent: 16.3×

Net Debt($B)Default: $2.47B

Results

Implied Equity Value / share$20.01

Current Price$19.32

Upside / Downside+3.6%

Implied EV$6.30B

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

Mult \ Net Debt	$472.70M	$1.47B	$2.47B	$3.47B	$4.47B
12.3x	$22.35	$17.13	$11.90	$6.68	$1.45
14.3x	$26.40	$21.18	$15.95	$10.73	$5.51
16.3x	$30.45	$25.23	$20.01	$14.78	$9.56
18.3x	$34.51	$29.28	$24.06	$18.83	$13.61
20.3x	$38.56	$33.33	$28.11	$22.89	$17.66

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