D — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($63.05)
DCF	$-30609381.40	-48547889.7%
Graham Number	$46.91	-25.6%
Reverse DCF	—	—
DDM	$55.00	-12.8%
EV/EBITDA	$71.12	+12.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$9.01B

Near-term growth (yrs 1–5)(%)Rev: 20.4% / EPS: 365.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.04%

Computed WACC: 6.04%

Cost of equity (Re)8.18%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.77%

Debt weight (D/V)48.23%

Results

Intrinsic Value / share$-70869074.25

Current Price$63.05

Upside / Downside-112401486.6%

Net Debt (used)$49.89B

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

WACC \ Near-term	357.5%	361.5%	365.5%	369.5%	373.5%
7.0%	$-47395109.87	$-49503519.47	$-51686306.04	$-53945420.28	$-56282846.67
8.0%	$-35866519.14	$-37462058.12	$-39113881.54	$-40823465.57	$-42592311.95
9.0%	$-28092650.40	$-29342354.98	$-30636144.02	$-31975173.69	$-33360620.24
10.0%	$-22554916.36	$-23558265.37	$-24597008.17	$-25672073.01	$-26784404.26
11.0%	$-18450850.10	$-19271623.04	$-20121349.06	$-21000787.50	$-21910710.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.06

Book Value / share($)Yahoo: $31.96

Results

Graham Number$46.91

Current Price$63.05

Margin of Safety-25.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.04%

Terminal growth rate(%)

Computed WACC: 6.04%

Cost of equity (Re)8.18%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)51.77%

Debt weight (D/V)48.23%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$63.05

Implied Near-term FCF Growth—

Historical Revenue Growth20.4%

Historical Earnings Growth365.5%

Base FCF (TTM)-$9.01B

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: $2.67

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$55.00

Current Price$63.05

Upside / Downside-12.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.11B

Target EV/EBITDA multipleCurrent: 13.6×

Net Debt($B)Default: $49.89B

Results

Implied Equity Value / share$71.12

Current Price$63.05

Upside / Downside+12.8%

Implied EV$110.63B

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

Mult \ Net Debt	$25.89B	$37.89B	$49.89B	$61.89B	$73.89B
9.6x	$61.24	$47.18	$33.13	$19.08	$5.02
11.6x	$80.23	$66.18	$52.13	$38.07	$24.02
13.6x	$99.23	$85.18	$71.12	$57.07	$43.02
15.6x	$118.23	$104.17	$90.12	$76.07	$62.02
17.6x	$137.22	$123.17	$109.12	$95.07	$81.01

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