BX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($113.37)
DCF	$-15.75	-113.9%
Graham Number	$31.04	-72.6%
Reverse DCF	—	—
DDM	$97.64	-13.9%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 50.6% / EPS: 42.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.98%

Computed WACC: 12.98%

Cost of equity (Re)13.99%(Rf 4.30% + β 1.76 × ERP 5.50%)

Cost of debt (Rd)4.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.54%

Debt weight (D/V)9.46%

Results

Intrinsic Value / share$-15.75

Current Price$113.37

Upside / Downside-113.9%

Net Debt (used)$11.79B

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

WACC \ Near-term	42.6%	46.6%	50.6%	54.6%	58.6%
7.0%	$-15.75	$-15.75	$-15.75	$-15.75	$-15.75
8.0%	$-15.75	$-15.75	$-15.75	$-15.75	$-15.75
9.0%	$-15.75	$-15.75	$-15.75	$-15.75	$-15.75
10.0%	$-15.75	$-15.75	$-15.75	$-15.75	$-15.75
11.0%	$-15.75	$-15.75	$-15.75	$-15.75	$-15.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.87

Book Value / share($)Yahoo: $11.06

Results

Graham Number$31.04

Current Price$113.37

Margin of Safety-72.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.98%

Terminal growth rate(%)

Computed WACC: 12.98%

Cost of equity (Re)13.99%(Rf 4.30% + β 1.76 × ERP 5.50%)

Cost of debt (Rd)4.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)90.54%

Debt weight (D/V)9.46%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$113.37

Implied Near-term FCF Growth—

Historical Revenue Growth50.6%

Historical Earnings Growth42.5%

Base FCF (TTM)—

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: $4.74

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$97.64

Current Price$113.37

Upside / Downside-13.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $11.79B

Results

Implied Equity Value / share$-15.75

Current Price$113.37

Upside / Downside-113.9%

Implied EV$0

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