C — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($110.19)
DCF	$121.60	+10.4%
Graham Number	$131.53	+19.4%
Reverse DCF	—	—
DDM	$49.44	-55.1%
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: 4.4% / EPS: -10.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.14%

Computed WACC: 2.14%

Cost of equity (Re)10.58%(Rf 4.30% + β 1.14 × 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)20.24%

Debt weight (D/V)79.76%

Results

Intrinsic Value / share—

Current Price$110.19

Upside / Downside—

Net Debt (used)-$212.50B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$121.60	$121.60	$121.60	$121.60	$121.60
8.0%	$121.60	$121.60	$121.60	$121.60	$121.60
9.0%	$121.60	$121.60	$121.60	$121.60	$121.60
10.0%	$121.60	$121.60	$121.60	$121.60	$121.60
11.0%	$121.60	$121.60	$121.60	$121.60	$121.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.99

Book Value / share($)Yahoo: $110.01

Results

Graham Number$131.53

Current Price$110.19

Margin of Safety+19.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.14%

Terminal growth rate(%)

Computed WACC: 2.14%

Cost of equity (Re)10.58%(Rf 4.30% + β 1.14 × 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)20.24%

Debt weight (D/V)79.76%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$110.19

Implied Near-term FCF Growth—

Historical Revenue Growth4.4%

Historical Earnings Growth-10.8%

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: $2.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$49.44

Current Price$110.19

Upside / Downside-55.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$212.50B

Results

Implied Equity Value / share$121.60

Current Price$110.19

Upside / Downside+10.4%

Implied EV$0

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