CUBE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.84)
DCF	$23.89	-42.9%
Graham Number	$20.63	-50.7%
Reverse DCF	—	implied g: 12.1%
DDM	$43.67	+4.4%
EV/EBITDA	$41.24	-1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $492.74M

Near-term growth (yrs 1–5)(%)Rev: 5.6% / EPS: -21.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.62%

Computed WACC: 7.62%

Cost of equity (Re)10.42%(Rf 4.30% + β 1.11 × 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)73.16%

Debt weight (D/V)26.84%

Results

Intrinsic Value / share$34.68

Current Price$41.84

Upside / Downside-17.1%

Net Debt (used)$3.51B

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

WACC \ Near-term	-2.4%	1.6%	5.6%	9.6%	13.6%
7.0%	$24.37	$32.38	$41.69	$52.46	$64.86
8.0%	$17.25	$23.69	$31.17	$39.81	$49.74
9.0%	$12.32	$17.68	$23.89	$31.06	$39.29
10.0%	$8.70	$13.27	$18.56	$24.65	$31.65
11.0%	$5.93	$9.90	$14.49	$19.76	$25.81

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.58

Book Value / share($)Yahoo: $11.97

Results

Graham Number$20.63

Current Price$41.84

Margin of Safety-50.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.62%

Terminal growth rate(%)

Computed WACC: 7.62%

Cost of equity (Re)10.42%(Rf 4.30% + β 1.11 × 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)73.16%

Debt weight (D/V)26.84%

Results

Current Price$41.84

Implied Near-term FCF Growth7.8%

Historical Revenue Growth5.6%

Historical Earnings Growth-21.7%

Base FCF (TTM)$492.74M

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: $2.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.67

Current Price$41.84

Upside / Downside+4.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $709.51M

Target EV/EBITDA multipleCurrent: 18.2×

Net Debt($B)Default: $3.51B

Results

Implied Equity Value / share$41.24

Current Price$41.84

Upside / Downside-1.4%

Implied EV$12.92B

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

Mult \ Net Debt	$1.51B	$2.51B	$3.51B	$4.51B	$5.51B
14.2x	$37.57	$33.18	$28.80	$24.41	$20.03
16.2x	$43.79	$39.41	$35.02	$30.64	$26.25
18.2x	$50.01	$45.63	$41.24	$36.86	$32.47
20.2x	$56.24	$51.85	$47.47	$43.08	$38.70
22.2x	$62.46	$58.08	$53.69	$49.30	$44.92

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