DFIN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($50.80)
DCF	$79.63	+56.8%
Graham Number	$19.75	-61.1%
Reverse DCF	—	implied g: 3.4%
DDM	—	—
EV/EBITDA	$50.80	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $91.29M

Near-term growth (yrs 1–5)(%)Rev: 10.4% / EPS: 8.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.78%

Computed WACC: 8.78%

Cost of equity (Re)9.03%(Rf 4.30% + β 0.86 × ERP 5.50%)

Cost of debt (Rd)8.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.13%

Debt weight (D/V)11.87%

Results

Intrinsic Value / share$82.84

Current Price$50.80

Upside / Downside+63.1%

Net Debt (used)$157.10M

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

WACC \ Near-term	2.4%	6.4%	10.4%	14.4%	18.4%
7.0%	$82.96	$100.35	$120.44	$143.56	$170.04
8.0%	$66.34	$80.24	$96.29	$114.74	$135.85
9.0%	$54.86	$66.36	$79.63	$94.86	$112.27
10.0%	$46.47	$56.22	$67.45	$80.34	$95.05
11.0%	$40.06	$48.49	$58.18	$69.28	$81.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.17

Book Value / share($)Yahoo: $14.81

Results

Graham Number$19.75

Current Price$50.80

Margin of Safety-61.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.78%

Terminal growth rate(%)

Computed WACC: 8.78%

Cost of equity (Re)9.03%(Rf 4.30% + β 0.86 × ERP 5.50%)

Cost of debt (Rd)8.72%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.13%

Debt weight (D/V)11.87%

Results

Current Price$50.80

Implied Near-term FCF Growth2.8%

Historical Revenue Growth10.4%

Historical Earnings Growth8.7%

Base FCF (TTM)$91.29M

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$50.80

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $153.60M

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: $157.10M

Results

Implied Equity Value / share$50.80

Current Price$50.80

Upside / Downside-0.0%

Implied EV$1.46B

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

Mult \ Net Debt	-$1.84B	-$842.90M	$157.10M	$1.16B	$2.16B
5.5x	$104.88	$65.85	$26.82	$-12.21	$-51.25
7.5x	$116.87	$77.84	$38.81	$-0.22	$-39.26
9.5x	$128.86	$89.83	$50.80	$11.77	$-27.26
11.5x	$140.85	$101.82	$62.79	$23.76	$-15.27
13.5x	$152.84	$113.81	$74.78	$35.75	$-3.28

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