BR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($185.63)
DCF	$21504.48	+11484.4%
Graham Number	$70.88	-61.8%
Reverse DCF	—	implied g: 7.7%
DDM	$80.34	-56.7%
EV/EBITDA	$186.50	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.20B

Near-term growth (yrs 1–5)(%)Rev: 7.8% / EPS: 101.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.81%

Computed WACC: 8.81%

Cost of equity (Re)9.67%(Rf 4.30% + β 0.98 × ERP 5.50%)

Cost of debt (Rd)4.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.53%

Debt weight (D/V)13.47%

Results

Intrinsic Value / share$22381.15

Current Price$185.63

Upside / Downside+11956.7%

Net Debt (used)$3.00B

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

WACC \ Near-term	93.7%	97.7%	101.7%	105.7%	109.7%
7.0%	$28758.02	$31846.33	$35194.46	$38818.48	$42735.11
8.0%	$22078.97	$24448.79	$27017.89	$29798.58	$32803.69
9.0%	$17547.93	$19430.40	$21471.08	$23679.75	$26066.57
10.0%	$14298.72	$15831.76	$17493.56	$19292.10	$21235.63
11.0%	$11873.34	$13145.59	$14524.64	$16017.09	$17629.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.05

Book Value / share($)Yahoo: $24.67

Results

Graham Number$70.88

Current Price$185.63

Margin of Safety-61.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.81%

Terminal growth rate(%)

Computed WACC: 8.81%

Cost of equity (Re)9.67%(Rf 4.30% + β 0.98 × ERP 5.50%)

Cost of debt (Rd)4.11%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)86.53%

Debt weight (D/V)13.47%

Results

Current Price$185.63

Implied Near-term FCF Growth7.2%

Historical Revenue Growth7.8%

Historical Earnings Growth101.7%

Base FCF (TTM)$1.20B

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: $3.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$80.34

Current Price$185.63

Upside / Downside-56.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.74B

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $3.00B

Results

Implied Equity Value / share$186.50

Current Price$185.63

Upside / Downside+0.5%

Implied EV$24.78B

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

Mult \ Net Debt	$1.00B	$2.00B	$3.00B	$4.00B	$5.00B
10.2x	$143.99	$135.43	$126.86	$118.30	$109.73
12.2x	$173.81	$165.25	$156.68	$148.12	$139.55
14.2x	$203.63	$195.06	$186.50	$177.93	$169.37
16.2x	$233.45	$224.88	$216.32	$207.75	$199.19
18.2x	$263.27	$254.70	$246.13	$237.57	$229.00

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