CRM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($192.27)
DCF	$658.61	+242.5%
Graham Number	$103.31	-46.3%
Reverse DCF	—	implied g: -2.7%
DDM	$36.26	-81.1%
EV/EBITDA	$194.37	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $16.86B

Near-term growth (yrs 1–5)(%)Rev: 12.1% / EPS: 17.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.55%

Computed WACC: 10.55%

Cost of equity (Re)11.32%(Rf 4.30% + β 1.28 × ERP 5.50%)

Cost of debt (Rd)3.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.42%

Debt weight (D/V)8.58%

Results

Intrinsic Value / share$513.35

Current Price$192.27

Upside / Downside+167.0%

Net Debt (used)$7.61B

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

WACC \ Near-term	9.9%	13.9%	17.9%	21.9%	25.9%
7.0%	$709.47	$842.22	$994.42	$1168.18	$1365.72
8.0%	$568.75	$674.10	$794.79	$932.46	$1088.87
9.0%	$471.89	$558.42	$657.47	$770.37	$898.55
10.0%	$401.31	$474.16	$557.48	$652.38	$760.05
11.0%	$347.71	$410.20	$481.61	$562.88	$655.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.50

Book Value / share($)Yahoo: $63.25

Results

Graham Number$103.31

Current Price$192.27

Margin of Safety-46.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.55%

Terminal growth rate(%)

Computed WACC: 10.55%

Cost of equity (Re)11.32%(Rf 4.30% + β 1.28 × ERP 5.50%)

Cost of debt (Rd)3.05%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.42%

Debt weight (D/V)8.58%

Results

Current Price$192.27

Implied Near-term FCF Growth0.8%

Historical Revenue Growth12.1%

Historical Earnings Growth17.9%

Base FCF (TTM)$16.86B

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: $1.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$36.26

Current Price$192.27

Upside / Downside-81.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $12.55B

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $7.61B

Results

Implied Equity Value / share$194.37

Current Price$192.27

Upside / Downside+1.1%

Implied EV$189.74B

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

Mult \ Net Debt	$3.61B	$5.61B	$7.61B	$9.61B	$11.61B
11.1x	$145.08	$142.94	$140.81	$138.67	$136.54
13.1x	$171.86	$169.72	$167.59	$165.45	$163.32
15.1x	$198.64	$196.51	$194.37	$192.24	$190.10
17.1x	$225.43	$223.29	$221.16	$219.02	$216.89
19.1x	$252.21	$250.07	$247.94	$245.81	$243.67

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