CF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($104.71)
DCF	$895.03	+754.8%
Graham Number	$79.74	-23.8%
Reverse DCF	—	implied g: 0.6%
DDM	$41.20	-60.7%
EV/EBITDA	$123.82	+18.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.31B

Near-term growth (yrs 1–5)(%)Rev: 22.8% / EPS: 37.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.34%

Computed WACC: 7.34%

Cost of equity (Re)8.09%(Rf 4.30% + β 0.69 × ERP 5.50%)

Cost of debt (Rd)5.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.79%

Debt weight (D/V)18.21%

Results

Intrinsic Value / share$1289.29

Current Price$104.71

Upside / Downside+1131.3%

Net Debt (used)$1.65B

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

WACC \ Near-term	29.1%	33.1%	37.1%	41.1%	45.1%
7.0%	$1045.68	$1215.51	$1406.73	$1621.33	$1861.39
8.0%	$821.26	$954.18	$1103.80	$1271.64	$1459.35
9.0%	$667.73	$775.44	$896.62	$1032.52	$1184.45
10.0%	$556.62	$646.09	$746.72	$859.53	$985.61
11.0%	$472.85	$548.59	$633.75	$729.17	$835.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.97

Book Value / share($)Yahoo: $31.51

Results

Graham Number$79.74

Current Price$104.71

Margin of Safety-23.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.34%

Terminal growth rate(%)

Computed WACC: 7.34%

Cost of equity (Re)8.09%(Rf 4.30% + β 0.69 × ERP 5.50%)

Cost of debt (Rd)5.01%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.79%

Debt weight (D/V)18.21%

Results

Current Price$104.71

Implied Near-term FCF Growth-3.9%

Historical Revenue Growth22.8%

Historical Earnings Growth37.1%

Base FCF (TTM)$1.31B

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$104.71

Upside / Downside-60.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.24B

Target EV/EBITDA multipleCurrent: 6.4×

Net Debt($B)Default: $1.65B

Results

Implied Equity Value / share$123.82

Current Price$104.71

Upside / Downside+18.2%

Implied EV$20.68B

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

Mult \ Net Debt	$1.65B	$1.65B	$1.65B	$1.65B	$1.65B
2.4x	$39.48	$39.48	$39.48	$39.48	$39.48
4.4x	$81.65	$81.65	$81.65	$81.65	$81.65
6.4x	$123.82	$123.82	$123.82	$123.82	$123.82
8.4x	$165.99	$165.99	$165.99	$165.99	$165.99
10.4x	$208.15	$208.15	$208.15	$208.15	$208.15

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