BSM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.23)
DCF	$191.06	+1154.5%
Graham Number	$10.61	-30.3%
Reverse DCF	—	implied g: 17.6%
DDM	$26.37	+73.1%
EV/EBITDA	$16.64	+9.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $93.09M

Near-term growth (yrs 1–5)(%)Rev: -11.6% / EPS: 65.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.99%

Computed WACC: 4.99%

Cost of equity (Re)5.23%(Rf 4.30% + β 0.17 × 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)95.45%

Debt weight (D/V)4.55%

Results

Intrinsic Value / share$624.10

Current Price$15.23

Upside / Downside+3997.8%

Net Debt (used)$152.52M

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

WACC \ Near-term	57.5%	61.5%	65.5%	69.5%	73.5%
7.0%	$240.91	$272.90	$308.22	$347.10	$389.81
8.0%	$186.63	$211.38	$238.70	$268.77	$301.79
9.0%	$149.69	$169.51	$191.38	$215.45	$241.89
10.0%	$123.09	$139.37	$157.33	$177.09	$198.79
11.0%	$103.16	$116.78	$131.81	$148.34	$166.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.28

Book Value / share($)Yahoo: $3.91

Results

Graham Number$10.61

Current Price$15.23

Margin of Safety-30.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.99%

Terminal growth rate(%)

Computed WACC: 4.99%

Cost of equity (Re)5.23%(Rf 4.30% + β 0.17 × 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)95.45%

Debt weight (D/V)4.55%

Results

Current Price$15.23

Implied Near-term FCF Growth1.4%

Historical Revenue Growth-11.6%

Historical Earnings Growth65.5%

Base FCF (TTM)$93.09M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$15.23

Upside / Downside+73.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $346.66M

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $152.52M

Results

Implied Equity Value / share$16.64

Current Price$15.23

Upside / Downside+9.3%

Implied EV$3.69B

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

Mult \ Net Debt	-$1.85B	-$847.48M	$152.52M	$1.15B	$2.15B
6.6x	$19.53	$14.82	$10.11	$5.40	$0.69
8.6x	$22.80	$18.09	$13.38	$8.67	$3.96
10.6x	$26.06	$21.35	$16.64	$11.93	$7.23
12.6x	$29.33	$24.62	$19.91	$15.20	$10.49
14.6x	$32.59	$27.88	$23.17	$18.47	$13.76

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