BSY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($38.87)
DCF	$52.14	+34.1%
Graham Number	$8.37	-78.5%
Reverse DCF	—	implied g: 12.2%
DDM	$5.77	-85.2%
EV/EBITDA	$41.76	+7.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $468.16M

Near-term growth (yrs 1–5)(%)Rev: 11.9% / EPS: 16.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.77%

Computed WACC: 9.77%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)0.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.18%

Debt weight (D/V)9.82%

Results

Intrinsic Value / share$45.56

Current Price$38.87

Upside / Downside+17.2%

Net Debt (used)$1.16B

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

WACC \ Near-term	8.9%	12.9%	16.9%	20.9%	24.9%
7.0%	$56.35	$67.60	$80.51	$95.25	$112.04
8.0%	$44.58	$53.51	$63.76	$75.45	$88.75
9.0%	$36.48	$43.82	$52.23	$61.83	$72.73
10.0%	$30.57	$36.76	$43.84	$51.91	$61.08
11.0%	$26.08	$31.39	$37.46	$44.38	$52.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.82

Book Value / share($)Yahoo: $3.80

Results

Graham Number$8.37

Current Price$38.87

Margin of Safety-78.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.77%

Terminal growth rate(%)

Computed WACC: 9.77%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)0.57%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.18%

Debt weight (D/V)9.82%

Results

Current Price$38.87

Implied Near-term FCF Growth14.4%

Historical Revenue Growth11.9%

Historical Earnings Growth16.9%

Base FCF (TTM)$468.16M

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$38.87

Upside / Downside-85.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $432.06M

Target EV/EBITDA multipleCurrent: 30.9×

Net Debt($B)Default: $1.16B

Results

Implied Equity Value / share$41.76

Current Price$38.87

Upside / Downside+7.4%

Implied EV$13.35B

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

Mult \ Net Debt	$1.16B	$1.16B	$1.16B	$1.16B	$1.16B
26.9x	$35.84	$35.84	$35.84	$35.84	$35.84
28.9x	$38.80	$38.80	$38.80	$38.80	$38.80
30.9x	$41.76	$41.76	$41.76	$41.76	$41.76
32.9x	$44.71	$44.71	$44.71	$44.71	$44.71
34.9x	$47.67	$47.67	$47.67	$47.67	$47.67

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