DAN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.66)
DCF	$24.34	-29.8%
Graham Number	$8.61	-75.2%
Reverse DCF	—	implied g: 8.3%
DDM	$9.89	-71.5%
EV/EBITDA	$33.65	-2.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $327.00M

Near-term growth (yrs 1–5)(%)Rev: 5.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.11%

Computed WACC: 11.11%

Cost of equity (Re)15.77%(Rf 4.30% + β 2.09 × ERP 5.50%)

Cost of debt (Rd)7.31%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.33%

Debt weight (D/V)46.67%

Results

Intrinsic Value / share$11.50

Current Price$34.66

Upside / Downside-66.8%

Net Debt (used)$3.08B

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

WACC \ Near-term	-2.8%	1.2%	5.2%	9.2%	13.2%
7.0%	$24.85	$35.39	$47.66	$61.86	$78.21
8.0%	$15.53	$24.02	$33.88	$45.27	$58.37
9.0%	$9.08	$16.15	$24.34	$33.80	$44.66
10.0%	$4.35	$10.37	$17.35	$25.40	$34.62
11.0%	$0.72	$5.96	$12.01	$18.98	$26.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.44

Book Value / share($)Yahoo: $7.48

Results

Graham Number$8.61

Current Price$34.66

Margin of Safety-75.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.11%

Terminal growth rate(%)

Computed WACC: 11.11%

Cost of equity (Re)15.77%(Rf 4.30% + β 2.09 × ERP 5.50%)

Cost of debt (Rd)7.31%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.33%

Debt weight (D/V)46.67%

Results

Current Price$34.66

Implied Near-term FCF Growth13.7%

Historical Revenue Growth5.2%

Historical Earnings Growth—

Base FCF (TTM)$327.00M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$34.66

Upside / Downside-71.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $554.00M

Target EV/EBITDA multipleCurrent: 12.4×

Net Debt($B)Default: $3.08B

Results

Implied Equity Value / share$33.65

Current Price$34.66

Upside / Downside-2.9%

Implied EV$6.85B

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

Mult \ Net Debt	$1.07B	$2.08B	$3.08B	$4.08B	$5.08B
8.4x	$31.73	$22.82	$13.92	$5.01	$-3.89
10.4x	$41.59	$32.69	$23.79	$14.88	$5.98
12.4x	$51.46	$42.56	$33.65	$24.75	$15.84
14.4x	$61.33	$52.42	$43.52	$34.61	$25.71
16.4x	$71.19	$62.29	$53.38	$44.48	$35.58

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