CP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($89.39)
DCF	$13.04	-85.4%
Graham Number	$53.17	-40.5%
Reverse DCF	—	implied g: 23.9%
DDM	$13.60	-84.8%
EV/EBITDA	$90.47	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.00B

Near-term growth (yrs 1–5)(%)Rev: 1.3% / EPS: -7.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.31%

Computed WACC: 8.31%

Cost of equity (Re)10.76%(Rf 4.30% + β 1.17 × 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)77.28%

Debt weight (D/V)22.72%

Results

Intrinsic Value / share$17.74

Current Price$89.39

Upside / Downside-80.2%

Net Debt (used)$23.41B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$13.38	$21.36	$30.64	$41.38	$53.76
8.0%	$6.36	$12.78	$20.24	$28.86	$38.78
9.0%	$1.49	$6.84	$13.04	$20.20	$28.43
10.0%	$-2.08	$2.48	$7.77	$13.86	$20.85
11.0%	$-4.82	$-0.85	$3.73	$9.01	$15.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.36

Book Value / share($)Yahoo: $37.39

Results

Graham Number$53.17

Current Price$89.39

Margin of Safety-40.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.31%

Terminal growth rate(%)

Computed WACC: 8.31%

Cost of equity (Re)10.76%(Rf 4.30% + β 1.17 × 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)77.28%

Debt weight (D/V)22.72%

Results

Current Price$89.39

Implied Near-term FCF Growth21.5%

Historical Revenue Growth1.3%

Historical Earnings Growth-7.4%

Base FCF (TTM)$2.00B

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: $0.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.60

Current Price$89.39

Upside / Downside-84.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.11B

Target EV/EBITDA multipleCurrent: 12.9×

Net Debt($B)Default: $23.41B

Results

Implied Equity Value / share$90.47

Current Price$89.39

Upside / Downside+1.2%

Implied EV$104.63B

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

Mult \ Net Debt	$11.41B	$17.41B	$23.41B	$29.41B	$35.41B
8.9x	$67.68	$60.99	$54.31	$47.62	$40.94
10.9x	$85.76	$79.07	$72.39	$65.70	$59.02
12.9x	$103.83	$97.15	$90.47	$83.78	$77.10
14.9x	$121.91	$115.23	$108.55	$101.86	$95.18
16.9x	$139.99	$133.31	$126.63	$119.94	$113.26

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