DG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($152.62)
DCF	$1282.54	+740.3%
Graham Number	$69.55	-54.4%
Reverse DCF	—	implied g: 10.9%
DDM	$48.62	-68.1%
EV/EBITDA	$152.61	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.97B

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 43.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.69%

Computed WACC: 3.69%

Cost of equity (Re)5.51%(Rf 4.30% + β 0.22 × 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)67.05%

Debt weight (D/V)32.95%

Results

Intrinsic Value / share$9334.37

Current Price$152.62

Upside / Downside+6016.1%

Net Debt (used)$15.27B

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

WACC \ Near-term	35.8%	39.8%	43.8%	47.8%	51.8%
7.0%	$1538.63	$1785.02	$2060.97	$2369.06	$2712.06
8.0%	$1191.04	$1383.24	$1598.43	$1838.62	$2105.96
9.0%	$953.62	$1108.82	$1282.54	$1476.40	$1692.10
10.0%	$782.06	$910.56	$1054.34	$1214.75	$1393.19
11.0%	$652.94	$761.36	$882.64	$1017.89	$1168.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.78

Book Value / share($)Yahoo: $37.19

Results

Graham Number$69.55

Current Price$152.62

Margin of Safety-54.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.69%

Terminal growth rate(%)

Computed WACC: 3.69%

Cost of equity (Re)5.51%(Rf 4.30% + β 0.22 × 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)67.05%

Debt weight (D/V)32.95%

Results

Current Price$152.62

Implied Near-term FCF Growth-13.6%

Historical Revenue Growth4.6%

Historical Earnings Growth43.8%

Base FCF (TTM)$1.97B

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: $2.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$48.62

Current Price$152.62

Upside / Downside-68.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.15B

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: $15.27B

Results

Implied Equity Value / share$152.61

Current Price$152.62

Upside / Downside-0.0%

Implied EV$48.86B

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

Mult \ Net Debt	$7.27B	$11.27B	$15.27B	$19.27B	$23.27B
11.5x	$131.76	$113.58	$95.41	$77.24	$59.07
13.5x	$160.36	$142.19	$124.01	$105.84	$87.67
15.5x	$188.96	$170.79	$152.61	$134.44	$116.27
17.5x	$217.56	$199.39	$181.22	$163.04	$144.87
19.5x	$246.16	$227.99	$209.82	$191.65	$173.47

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