BXP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($56.24)
DCF	$4.58	-91.9%
Graham Number	$35.65	-36.6%
Reverse DCF	—	implied g: 11.9%
DDM	$57.68	+2.6%
EV/EBITDA	$72.27	+28.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $946.38M

Near-term growth (yrs 1–5)(%)Rev: -31.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.52%

Computed WACC: 5.52%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)3.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)36.43%

Debt weight (D/V)63.57%

Results

Intrinsic Value / share$126.84

Current Price$56.24

Upside / Downside+125.5%

Net Debt (used)$15.89B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$5.48	$26.85	$51.72	$80.50	$113.65
8.0%	$-13.33	$3.88	$23.86	$46.96	$73.53
9.0%	$-26.36	$-12.04	$4.58	$23.76	$45.79
10.0%	$-35.93	$-23.71	$-9.55	$6.76	$25.49
11.0%	$-43.25	$-32.63	$-20.36	$-6.22	$9.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.74

Book Value / share($)Yahoo: $32.46

Results

Graham Number$35.65

Current Price$56.24

Margin of Safety-36.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.52%

Terminal growth rate(%)

Computed WACC: 5.52%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)3.76%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)36.43%

Debt weight (D/V)63.57%

Results

Current Price$56.24

Implied Near-term FCF Growth-0.6%

Historical Revenue Growth-31.9%

Historical Earnings Growth—

Base FCF (TTM)$946.38M

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: $2.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.68

Current Price$56.24

Upside / Downside+2.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.61B

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $15.89B

Results

Implied Equity Value / share$72.27

Current Price$56.24

Upside / Downside+28.5%

Implied EV$27.35B

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

Mult \ Net Debt	$7.89B	$11.89B	$15.89B	$19.89B	$23.89B
13.0x	$82.09	$56.86	$31.63	$6.40	$-18.83
15.0x	$102.41	$77.18	$51.95	$26.72	$1.49
17.0x	$122.73	$97.50	$72.27	$47.04	$21.81
19.0x	$143.05	$117.82	$92.59	$67.36	$42.14
21.0x	$163.37	$138.14	$112.92	$87.69	$62.46

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