DEA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.27)
DCF	$48.98	+110.5%
Graham Number	$13.18	-43.3%
Reverse DCF	—	implied g: 4.6%
DDM	$37.08	+59.4%
EV/EBITDA	$24.56	+5.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $159.05M

Near-term growth (yrs 1–5)(%)Rev: 10.8% / EPS: -29.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.99%

Computed WACC: 3.99%

Cost of equity (Re)9.54%(Rf 4.30% + β 0.95 × 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)41.85%

Debt weight (D/V)58.15%

Results

Intrinsic Value / share$356.77

Current Price$23.27

Upside / Downside+1433.5%

Net Debt (used)$1.65B

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

WACC \ Near-term	2.8%	6.8%	10.8%	14.8%	18.8%
7.0%	$52.45	$69.59	$89.39	$112.16	$138.22
8.0%	$35.97	$49.67	$65.48	$83.63	$104.41
9.0%	$24.59	$35.92	$48.98	$63.96	$81.09
10.0%	$16.27	$25.87	$36.93	$49.60	$64.07
11.0%	$9.93	$18.22	$27.75	$38.67	$51.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.27

Book Value / share($)Yahoo: $28.60

Results

Graham Number$13.18

Current Price$23.27

Margin of Safety-43.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.99%

Terminal growth rate(%)

Computed WACC: 3.99%

Cost of equity (Re)9.54%(Rf 4.30% + β 0.95 × 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)41.85%

Debt weight (D/V)58.15%

Results

Current Price$23.27

Implied Near-term FCF Growth-15.7%

Historical Revenue Growth10.8%

Historical Earnings Growth-29.2%

Base FCF (TTM)$159.05M

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$23.27

Upside / Downside+59.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $202.62M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $1.65B

Results

Implied Equity Value / share$24.56

Current Price$23.27

Upside / Downside+5.6%

Implied EV$2.79B

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

Mult \ Net Debt	$1.65B	$1.65B	$1.65B	$1.65B	$1.65B
9.8x	$7.06	$7.06	$7.06	$7.06	$7.06
11.8x	$15.81	$15.81	$15.81	$15.81	$15.81
13.8x	$24.56	$24.56	$24.56	$24.56	$24.56
15.8x	$33.31	$33.31	$33.31	$33.31	$33.31
17.8x	$42.06	$42.06	$42.06	$42.06	$42.06

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