CR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($204.32)
DCF	$-274.61	-234.4%
Graham Number	$67.50	-67.0%
Reverse DCF	—	—
DDM	$19.57	-90.4%
EV/EBITDA	$204.63	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$774.30M

Near-term growth (yrs 1–5)(%)Rev: 6.8% / EPS: 0.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.54%

Computed WACC: 9.54%

Cost of equity (Re)10.52%(Rf 4.30% + β 1.13 × 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)90.63%

Debt weight (D/V)9.37%

Results

Intrinsic Value / share$-253.87

Current Price$204.32

Upside / Downside-224.3%

Net Debt (used)$709.70M

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

WACC \ Near-term	-1.2%	2.8%	6.8%	10.8%	14.8%
7.0%	$-279.55	$-332.96	$-394.98	$-466.60	$-548.94
8.0%	$-231.19	$-274.08	$-323.81	$-381.17	$-447.05
9.0%	$-197.71	$-233.35	$-274.61	$-322.14	$-376.67
10.0%	$-173.17	$-203.51	$-238.58	$-278.94	$-325.19
11.0%	$-154.41	$-180.71	$-211.08	$-245.98	$-285.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.66

Book Value / share($)Yahoo: $35.78

Results

Graham Number$67.50

Current Price$204.32

Margin of Safety-67.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.54%

Terminal growth rate(%)

Computed WACC: 9.54%

Cost of equity (Re)10.52%(Rf 4.30% + β 1.13 × 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)90.63%

Debt weight (D/V)9.37%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$204.32

Implied Near-term FCF Growth—

Historical Revenue Growth6.8%

Historical Earnings Growth0.2%

Base FCF (TTM)-$774.30M

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: $0.95

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.57

Current Price$204.32

Upside / Downside-90.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $459.90M

Target EV/EBITDA multipleCurrent: 27.2×

Net Debt($B)Default: $709.70M

Results

Implied Equity Value / share$204.63

Current Price$204.32

Upside / Downside+0.2%

Implied EV$12.50B

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

Mult \ Net Debt	-$1.29B	-$290.30M	$709.70M	$1.71B	$2.71B
23.2x	$207.42	$190.06	$172.69	$155.33	$137.97
25.2x	$223.39	$206.03	$188.66	$171.30	$153.94
27.2x	$239.36	$222.00	$204.63	$187.27	$169.91
29.2x	$255.33	$237.96	$220.60	$203.24	$185.88
31.2x	$271.30	$253.93	$236.57	$219.21	$201.85

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