DGX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($210.25)
DCF	$172.63	-17.9%
Graham Number	$112.83	-46.3%
Reverse DCF	—	implied g: 13.6%
DDM	$70.86	-66.3%
EV/EBITDA	$210.58	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.01B

Near-term growth (yrs 1–5)(%)Rev: 7.1% / EPS: 11.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.25%

Computed WACC: 6.25%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.68 × 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)78.03%

Debt weight (D/V)21.97%

Results

Intrinsic Value / share$353.41

Current Price$210.25

Upside / Downside+68.1%

Net Debt (used)$6.16B

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

WACC \ Near-term	3.0%	7.0%	11.0%	15.0%	19.0%
7.0%	$182.26	$228.54	$282.01	$343.49	$413.85
8.0%	$137.63	$174.61	$217.28	$266.30	$322.35
9.0%	$106.81	$137.39	$172.63	$213.07	$259.28
10.0%	$84.27	$110.18	$140.01	$174.21	$213.25
11.0%	$67.08	$89.45	$115.18	$144.63	$178.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.68

Book Value / share($)Yahoo: $65.18

Results

Graham Number$112.83

Current Price$210.25

Margin of Safety-46.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.25%

Terminal growth rate(%)

Computed WACC: 6.25%

Cost of equity (Re)8.01%(Rf 4.30% + β 0.68 × 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)78.03%

Debt weight (D/V)21.97%

Results

Current Price$210.25

Implied Near-term FCF Growth4.2%

Historical Revenue Growth7.1%

Historical Earnings Growth11.0%

Base FCF (TTM)$1.01B

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: $3.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$70.86

Current Price$210.25

Upside / Downside-66.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.18B

Target EV/EBITDA multipleCurrent: 13.5×

Net Debt($B)Default: $6.16B

Results

Implied Equity Value / share$210.58

Current Price$210.25

Upside / Downside+0.2%

Implied EV$29.38B

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

Mult \ Net Debt	$2.16B	$4.16B	$6.16B	$8.16B	$10.16B
9.5x	$167.95	$149.81	$131.66	$113.52	$95.38
11.5x	$207.41	$189.26	$171.12	$152.98	$134.84
13.5x	$246.86	$228.72	$210.58	$192.44	$174.30
15.5x	$286.32	$268.18	$250.04	$231.90	$213.76
17.5x	$325.78	$307.64	$289.50	$271.36	$253.21

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