CW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($726.48)
DCF	$493.85	-32.0%
Graham Number	$141.03	-80.6%
Reverse DCF	—	implied g: 26.3%
DDM	$19.78	-97.3%
EV/EBITDA	$726.48	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $465.74M

Near-term growth (yrs 1–5)(%)Rev: 14.9% / EPS: 19.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.00%

Computed WACC: 9.00%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)95.82%

Debt weight (D/V)4.18%

Results

Intrinsic Value / share$493.85

Current Price$726.48

Upside / Downside-32.0%

Net Debt (used)$796.74M

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

WACC \ Near-term	11.6%	15.6%	19.6%	23.6%	27.6%
7.0%	$538.57	$640.93	$758.09	$891.62	$1043.18
8.0%	$427.63	$508.73	$601.49	$707.14	$826.98
9.0%	$351.32	$417.84	$493.85	$580.36	$678.44
10.0%	$295.77	$351.68	$415.54	$488.15	$570.42
11.0%	$253.61	$301.50	$356.15	$418.25	$488.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $12.86

Book Value / share($)Yahoo: $68.74

Results

Graham Number$141.03

Current Price$726.48

Margin of Safety-80.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.00%

Terminal growth rate(%)

Computed WACC: 9.00%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)95.82%

Debt weight (D/V)4.18%

Results

Current Price$726.48

Implied Near-term FCF Growth26.3%

Historical Revenue Growth14.9%

Historical Earnings Growth19.6%

Base FCF (TTM)$465.74M

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: $0.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.78

Current Price$726.48

Upside / Downside-97.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $796.36M

Target EV/EBITDA multipleCurrent: 34.6×

Net Debt($B)Default: $796.74M

Results

Implied Equity Value / share$726.48

Current Price$726.48

Upside / Downside+0.0%

Implied EV$27.58B

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

Mult \ Net Debt	-$1.20B	-$203.26M	$796.74M	$1.80B	$2.80B
30.6x	$694.33	$667.21	$640.09	$612.96	$585.84
32.6x	$737.53	$710.41	$683.28	$656.16	$629.04
34.6x	$780.73	$753.61	$726.48	$699.36	$672.24
36.6x	$823.93	$796.80	$769.68	$742.56	$715.44
38.6x	$867.13	$840.00	$812.88	$785.76	$758.63

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