DBX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.96)
DCF	$300.72	+1104.8%
Graham Number	—	—
Reverse DCF	—	implied g: -8.1%
DDM	—	—
EV/EBITDA	$38.24	+53.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $799.94M

Near-term growth (yrs 1–5)(%)Rev: -1.2% / EPS: 27.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.93%

Computed WACC: 4.93%

Cost of equity (Re)7.76%(Rf 4.30% + β 0.63 × 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)63.54%

Debt weight (D/V)36.46%

Results

Intrinsic Value / share$950.13

Current Price$24.96

Upside / Downside+3706.6%

Net Debt (used)$2.55B

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

WACC \ Near-term	19.2%	23.2%	27.2%	31.2%	35.2%
7.0%	$339.55	$401.02	$470.85	$549.88	$638.98
8.0%	$266.53	$314.95	$369.92	$432.10	$502.17
9.0%	$216.45	$255.92	$300.72	$351.36	$408.40
10.0%	$180.09	$213.08	$250.50	$292.78	$340.38
11.0%	$152.59	$180.69	$212.54	$248.51	$288.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.86

Book Value / share($)Yahoo: $-7.40

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$24.96

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.93%

Terminal growth rate(%)

Computed WACC: 4.93%

Cost of equity (Re)7.76%(Rf 4.30% + β 0.63 × 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)63.54%

Debt weight (D/V)36.46%

Results

Current Price$24.96

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-1.2%

Historical Earnings Growth27.2%

Base FCF (TTM)$799.94M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$24.96

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $848.90M

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $2.55B

Results

Implied Equity Value / share$38.24

Current Price$24.96

Upside / Downside+53.2%

Implied EV$8.57B

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

Mult \ Net Debt	$548.80M	$1.55B	$2.55B	$3.55B	$4.55B
6.1x	$29.37	$23.02	$16.67	$10.32	$3.97
8.1x	$40.16	$33.81	$27.45	$21.10	$14.75
10.1x	$50.94	$44.59	$38.24	$31.89	$25.53
12.1x	$61.72	$55.37	$49.02	$42.67	$36.32
14.1x	$72.51	$66.16	$59.81	$53.45	$47.10

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