CL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($97.30)
DCF	$61.68	-36.6%
Graham Number	$1.97	-98.0%
Reverse DCF	—	implied g: 12.8%
DDM	$42.85	-56.0%
EV/EBITDA	$97.69	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.08B

Near-term growth (yrs 1–5)(%)Rev: 5.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.32%

Computed WACC: 5.32%

Cost of equity (Re)5.90%(Rf 4.30% + β 0.29 × 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)90.12%

Debt weight (D/V)9.88%

Results

Intrinsic Value / share$155.87

Current Price$97.30

Upside / Downside+60.2%

Net Debt (used)$7.16B

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

WACC \ Near-term	-2.2%	1.8%	5.8%	9.8%	13.8%
7.0%	$62.61	$77.00	$93.73	$113.07	$135.33
8.0%	$49.78	$61.35	$74.78	$90.29	$108.12
9.0%	$40.89	$50.52	$61.68	$74.54	$89.32
10.0%	$34.38	$42.58	$52.08	$63.01	$75.56
11.0%	$29.39	$36.51	$44.74	$54.21	$65.05

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.58

Book Value / share($)Yahoo: $0.07

Results

Graham Number$1.97

Current Price$97.30

Margin of Safety-98.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.32%

Terminal growth rate(%)

Computed WACC: 5.32%

Cost of equity (Re)5.90%(Rf 4.30% + β 0.29 × 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)90.12%

Debt weight (D/V)9.88%

Results

Current Price$97.30

Implied Near-term FCF Growth-0.8%

Historical Revenue Growth5.8%

Historical Earnings Growth—

Base FCF (TTM)$3.08B

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$97.30

Upside / Downside-56.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.87B

Target EV/EBITDA multipleCurrent: 17.6×

Net Debt($B)Default: $7.16B

Results

Implied Equity Value / share$97.69

Current Price$97.30

Upside / Downside+0.4%

Implied EV$85.46B

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

Mult \ Net Debt	$3.16B	$5.16B	$7.16B	$9.16B	$11.16B
13.6x	$78.39	$75.89	$73.40	$70.90	$68.41
15.6x	$90.53	$88.04	$85.54	$83.05	$80.55
17.6x	$102.68	$100.19	$97.69	$95.20	$92.70
19.6x	$114.83	$112.33	$109.84	$107.34	$104.85
21.6x	$126.97	$124.48	$121.98	$119.49	$116.99

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