DCI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($95.72)
DCF	$34.29	-64.2%
Graham Number	$31.34	-67.3%
Reverse DCF	—	implied g: 21.6%
DDM	$24.72	-74.2%
EV/EBITDA	$96.12	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $252.96M

Near-term growth (yrs 1–5)(%)Rev: 3.0% / EPS: -1.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.47%

Computed WACC: 9.47%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.04 × 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)94.21%

Debt weight (D/V)5.79%

Results

Intrinsic Value / share$31.66

Current Price$95.72

Upside / Downside-66.9%

Net Debt (used)$486.40M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$34.62	$42.47	$51.61	$62.18	$74.36
8.0%	$27.71	$34.03	$41.37	$49.86	$59.62
9.0%	$22.92	$28.18	$34.29	$41.33	$49.43
10.0%	$19.40	$23.89	$29.10	$35.09	$41.97
11.0%	$16.71	$20.61	$25.13	$30.32	$36.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.21

Book Value / share($)Yahoo: $13.60

Results

Graham Number$31.34

Current Price$95.72

Margin of Safety-67.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.47%

Terminal growth rate(%)

Computed WACC: 9.47%

Cost of equity (Re)10.05%(Rf 4.30% + β 1.04 × 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)94.21%

Debt weight (D/V)5.79%

Results

Current Price$95.72

Implied Near-term FCF Growth23.0%

Historical Revenue Growth3.0%

Historical Earnings Growth-1.3%

Base FCF (TTM)$252.96M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$95.72

Upside / Downside-74.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $666.40M

Target EV/EBITDA multipleCurrent: 17.4×

Net Debt($B)Default: $486.40M

Results

Implied Equity Value / share$96.12

Current Price$95.72

Upside / Downside+0.4%

Implied EV$11.57B

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

Mult \ Net Debt	-$1.51B	-$513.60M	$486.40M	$1.49B	$2.49B
13.4x	$90.34	$81.67	$73.00	$64.33	$55.66
15.4x	$101.90	$93.23	$84.56	$75.89	$67.22
17.4x	$113.46	$104.79	$96.12	$87.45	$78.77
19.4x	$125.01	$116.34	$107.67	$99.00	$90.33
21.4x	$136.57	$127.90	$119.23	$110.56	$101.89

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