BYD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($83.23)
DCF	$107.06	+28.6%
Graham Number	$131.67	+58.2%
Reverse DCF	—	implied g: 1.8%
DDM	$15.24	-81.7%
EV/EBITDA	$83.22	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $594.66M

Near-term growth (yrs 1–5)(%)Rev: 2.0% / EPS: -6.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.64%

Computed WACC: 7.64%

Cost of equity (Re)10.93%(Rf 4.30% + β 1.21 × 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)69.85%

Debt weight (D/V)30.15%

Results

Intrinsic Value / share$144.09

Current Price$83.23

Upside / Downside+73.1%

Net Debt (used)$2.36B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$108.25	$136.46	$169.27	$207.25	$251.00
8.0%	$83.43	$106.14	$132.51	$162.99	$198.06
9.0%	$66.24	$85.14	$107.06	$132.37	$161.46
10.0%	$53.61	$69.74	$88.41	$109.95	$134.66
11.0%	$43.94	$57.96	$74.16	$92.81	$114.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $22.56

Book Value / share($)Yahoo: $34.16

Results

Graham Number$131.67

Current Price$83.23

Margin of Safety+58.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.64%

Terminal growth rate(%)

Computed WACC: 7.64%

Cost of equity (Re)10.93%(Rf 4.30% + β 1.21 × 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)69.85%

Debt weight (D/V)30.15%

Results

Current Price$83.23

Implied Near-term FCF Growth-1.9%

Historical Revenue Growth2.0%

Historical Earnings Growth-6.6%

Base FCF (TTM)$594.66M

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: $0.74

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.24

Current Price$83.23

Upside / Downside-81.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.20B

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: $2.36B

Results

Implied Equity Value / share$83.22

Current Price$83.23

Upside / Downside-0.0%

Implied EV$8.64B

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

Mult \ Net Debt	$357.44M	$1.36B	$2.36B	$3.36B	$4.36B
3.2x	$46.08	$32.83	$19.58	$6.34	$-6.91
5.2x	$77.89	$64.65	$51.40	$38.15	$24.91
7.2x	$109.71	$96.46	$83.22	$69.97	$56.72
9.2x	$141.53	$128.28	$115.03	$101.79	$88.54
11.2x	$173.34	$160.10	$146.85	$133.60	$120.36

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