CI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($290.85)
DCF	$806.26	+177.2%
Graham Number	$281.15	-3.3%
Reverse DCF	—	implied g: -4.3%
DDM	$128.54	-55.8%
EV/EBITDA	$291.55	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $9.77B

Near-term growth (yrs 1–5)(%)Rev: 10.4% / EPS: -9.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.23%

Computed WACC: 5.23%

Cost of equity (Re)5.86%(Rf 4.30% + β 0.28 × ERP 5.50%)

Cost of debt (Rd)4.68%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.18%

Debt weight (D/V)28.82%

Results

Intrinsic Value / share$2130.86

Current Price$290.85

Upside / Downside+632.6%

Net Debt (used)$22.73B

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

WACC \ Near-term	2.4%	6.4%	10.4%	14.4%	18.4%
7.0%	$840.95	$1021.86	$1231.01	$1471.64	$1747.23
8.0%	$667.99	$812.65	$979.69	$1171.66	$1391.33
9.0%	$548.52	$668.21	$806.26	$964.75	$1145.93
10.0%	$461.13	$562.62	$679.53	$813.62	$966.76
11.0%	$394.47	$482.13	$583.00	$698.56	$830.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $22.19

Book Value / share($)Yahoo: $158.32

Results

Graham Number$281.15

Current Price$290.85

Margin of Safety-3.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.23%

Terminal growth rate(%)

Computed WACC: 5.23%

Cost of equity (Re)5.86%(Rf 4.30% + β 0.28 × ERP 5.50%)

Cost of debt (Rd)4.68%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.18%

Debt weight (D/V)28.82%

Results

Current Price$290.85

Implied Near-term FCF Growth-15.7%

Historical Revenue Growth10.4%

Historical Earnings Growth-9.3%

Base FCF (TTM)$9.77B

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: $6.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$128.54

Current Price$290.85

Upside / Downside-55.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $12.05B

Target EV/EBITDA multipleCurrent: 8.3×

Net Debt($B)Default: $22.73B

Results

Implied Equity Value / share$291.55

Current Price$290.85

Upside / Downside+0.2%

Implied EV$99.54B

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

Mult \ Net Debt	$10.73B	$16.73B	$22.73B	$28.73B	$34.73B
4.3x	$154.20	$131.42	$108.65	$85.88	$63.10
6.3x	$245.65	$222.87	$200.10	$177.33	$154.55
8.3x	$337.10	$314.33	$291.55	$268.78	$246.00
10.3x	$428.55	$405.78	$383.00	$360.23	$337.46
12.3x	$520.00	$497.23	$474.45	$451.68	$428.91

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