CLS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($266.98)
DCF	$3947.62	+1378.6%
Graham Number	$55.74	-79.1%
Reverse DCF	—	implied g: 23.9%
DDM	—	—
EV/EBITDA	$267.13	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $595.32M

Near-term growth (yrs 1–5)(%)Rev: 43.6% / EPS: 77.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.57%

Computed WACC: 11.57%

Cost of equity (Re)11.91%(Rf 4.30% + β 1.38 × 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)97.10%

Debt weight (D/V)2.90%

Results

Intrinsic Value / share$2458.09

Current Price$266.98

Upside / Downside+820.7%

Net Debt (used)$322.90M

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

WACC \ Near-term	69.7%	73.7%	77.7%	81.7%	85.7%
7.0%	$5097.45	$5723.83	$6410.44	$7161.50	$7981.47
8.0%	$3935.79	$4418.75	$4948.09	$5527.09	$6159.15
9.0%	$3146.16	$3531.65	$3954.12	$4416.18	$4920.56
10.0%	$2578.67	$2894.12	$3239.81	$3617.87	$4030.51
11.0%	$2154.05	$2417.13	$2705.39	$3020.61	$3364.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.16

Book Value / share($)Yahoo: $19.29

Results

Graham Number$55.74

Current Price$266.98

Margin of Safety-79.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.57%

Terminal growth rate(%)

Computed WACC: 11.57%

Cost of equity (Re)11.91%(Rf 4.30% + β 1.38 × 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)97.10%

Debt weight (D/V)2.90%

Results

Current Price$266.98

Implied Near-term FCF Growth31.5%

Historical Revenue Growth43.6%

Historical Earnings Growth77.7%

Base FCF (TTM)$595.32M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$266.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.24B

Target EV/EBITDA multipleCurrent: 25.0×

Net Debt($B)Default: $322.90M

Results

Implied Equity Value / share$267.13

Current Price$266.98

Upside / Downside+0.1%

Implied EV$31.02B

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

Mult \ Net Debt	-$1.68B	-$677.10M	$322.90M	$1.32B	$2.32B
21.0x	$241.27	$232.57	$223.87	$215.17	$206.46
23.0x	$262.91	$254.20	$245.50	$236.80	$228.09
25.0x	$284.54	$275.84	$267.13	$258.43	$249.73
27.0x	$306.17	$297.47	$288.77	$280.06	$271.36
29.0x	$327.81	$319.10	$310.40	$301.70	$292.99

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