DEI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.72)
DCF	$20.65	+112.4%
Graham Number	$4.80	-50.6%
Reverse DCF	—	implied g: 1.0%
DDM	$15.66	+61.1%
EV/EBITDA	$19.10	+96.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $493.31M

Near-term growth (yrs 1–5)(%)Rev: 1.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.76%

Computed WACC: 2.76%

Cost of equity (Re)10.54%(Rf 4.30% + β 1.14 × 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)26.17%

Debt weight (D/V)73.83%

Results

Intrinsic Value / share$1278.19

Current Price$9.72

Upside / Downside+13050.1%

Net Debt (used)$5.20B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.09	$31.64	$43.91	$58.11	$74.47
8.0%	$11.81	$20.30	$30.16	$41.56	$54.68
9.0%	$5.38	$12.45	$20.65	$30.11	$40.99
10.0%	$0.66	$6.69	$13.67	$21.72	$30.97
11.0%	$-2.96	$2.28	$8.34	$15.32	$23.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.09

Book Value / share($)Yahoo: $11.37

Results

Graham Number$4.80

Current Price$9.72

Margin of Safety-50.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.76%

Terminal growth rate(%)

Computed WACC: 2.76%

Cost of equity (Re)10.54%(Rf 4.30% + β 1.14 × 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)26.17%

Debt weight (D/V)73.83%

Results

Current Price$9.72

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth1.5%

Historical Earnings Growth—

Base FCF (TTM)$493.31M

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: $0.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$15.66

Current Price$9.72

Upside / Downside+61.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $584.55M

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: $5.20B

Results

Implied Equity Value / share$19.10

Current Price$9.72

Upside / Downside+96.5%

Implied EV$8.40B

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

Mult \ Net Debt	$3.20B	$4.20B	$5.20B	$6.20B	$7.20B
10.4x	$17.08	$11.11	$5.14	$-0.84	$-6.81
12.4x	$24.06	$18.09	$12.12	$6.15	$0.17
14.4x	$31.04	$25.07	$19.10	$13.13	$7.16
16.4x	$38.02	$32.05	$26.08	$20.11	$14.14
18.4x	$45.00	$39.03	$33.06	$27.09	$21.12

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