CE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.73)
DCF	$-47.45	-195.4%
Graham Number	—	—
Reverse DCF	—	implied g: 21.9%
DDM	$2.47	-95.0%
EV/EBITDA	$53.59	+7.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $368.62M

Near-term growth (yrs 1–5)(%)Rev: -6.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.16%

Computed WACC: 6.16%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)5.58%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)29.64%

Debt weight (D/V)70.36%

Results

Intrinsic Value / share$-1.06

Current Price$49.73

Upside / Downside-102.1%

Net Debt (used)$11.67B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-46.94	$-34.90	$-20.88	$-4.66	$14.02
8.0%	$-57.54	$-47.85	$-36.58	$-23.57	$-8.59
9.0%	$-64.89	$-56.82	$-47.45	$-36.64	$-24.22
10.0%	$-70.28	$-63.39	$-55.42	$-46.22	$-35.67
11.0%	$-74.41	$-68.43	$-61.51	$-53.54	$-44.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-10.44

Book Value / share($)Yahoo: $36.95

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$49.73

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.16%

Terminal growth rate(%)

Computed WACC: 6.16%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × ERP 5.50%)

Cost of debt (Rd)5.58%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)29.64%

Debt weight (D/V)70.36%

Results

Current Price$49.73

Implied Near-term FCF Growth11.2%

Historical Revenue Growth-6.5%

Historical Earnings Growth—

Base FCF (TTM)$368.62M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$49.73

Upside / Downside-95.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.56B

Target EV/EBITDA multipleCurrent: 11.2×

Net Debt($B)Default: $11.67B

Results

Implied Equity Value / share$53.59

Current Price$49.73

Upside / Downside+7.8%

Implied EV$17.54B

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

Mult \ Net Debt	$5.67B	$8.67B	$11.67B	$14.67B	$17.67B
7.2x	$51.29	$23.91	$-3.47	$-30.85	$-58.23
9.2x	$79.82	$52.44	$25.06	$-2.32	$-29.70
11.2x	$108.35	$80.97	$53.59	$26.21	$-1.17
13.2x	$136.88	$109.50	$82.12	$54.74	$27.36
15.2x	$165.41	$138.03	$110.65	$83.27	$55.89

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