BOX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.58)
DCF	$56.08	+137.8%
Graham Number	—	—
Reverse DCF	—	implied g: -5.6%
DDM	—	—
EV/EBITDA	$27.04	+14.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $361.12M

Near-term growth (yrs 1–5)(%)Rev: 9.1% / EPS: -4.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.28%

Computed WACC: 7.28%

Cost of equity (Re)8.65%(Rf 4.30% + β 0.79 × ERP 5.50%)

Cost of debt (Rd)1.48%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)81.73%

Debt weight (D/V)18.27%

Results

Intrinsic Value / share$77.34

Current Price$23.58

Upside / Downside+228.0%

Net Debt (used)$25.57M

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

WACC \ Near-term	1.1%	5.1%	9.1%	13.1%	17.1%
7.0%	$57.76	$69.17	$82.37	$97.59	$115.03
8.0%	$47.07	$56.21	$66.77	$78.92	$92.85
9.0%	$39.68	$47.25	$55.99	$66.04	$77.54
10.0%	$34.27	$40.70	$48.11	$56.62	$66.36
11.0%	$30.14	$35.70	$42.10	$49.45	$57.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.25

Book Value / share($)Yahoo: $-1.99

Results

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

Graham Number—

Current Price$23.58

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.28%

Terminal growth rate(%)

Computed WACC: 7.28%

Cost of equity (Re)8.65%(Rf 4.30% + β 0.79 × ERP 5.50%)

Cost of debt (Rd)1.48%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)81.73%

Debt weight (D/V)18.27%

Results

Current Price$23.58

Implied Near-term FCF Growth-9.9%

Historical Revenue Growth9.1%

Historical Earnings Growth-4.5%

Base FCF (TTM)$361.12M

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$23.58

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $82.62M

Target EV/EBITDA multipleCurrent: 47.2×

Net Debt($B)Default: $25.57M

Results

Implied Equity Value / share$27.04

Current Price$23.58

Upside / Downside+14.7%

Implied EV$3.90B

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

Mult \ Net Debt	-$1.97B	-$974.43M	$25.57M	$1.03B	$2.03B
43.2x	$38.70	$31.72	$24.73	$17.75	$10.77
45.2x	$39.85	$32.87	$25.89	$18.91	$11.92
47.2x	$41.01	$34.02	$27.04	$20.06	$13.08
49.2x	$42.16	$35.18	$28.20	$21.21	$14.23
51.2x	$43.31	$36.33	$29.35	$22.37	$15.39

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