DIS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.04)
DCF	$8.71	-91.8%
Graham Number	$96.60	-8.9%
Reverse DCF	—	implied g: 29.8%
DDM	$30.90	-70.9%
EV/EBITDA	$109.17	+2.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.17B

Near-term growth (yrs 1–5)(%)Rev: 5.2% / EPS: -4.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.70%

Computed WACC: 9.70%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)80.13%

Debt weight (D/V)19.87%

Results

Intrinsic Value / share$5.57

Current Price$106.04

Upside / Downside-94.7%

Net Debt (used)$40.96B

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

WACC \ Near-term	-2.8%	1.2%	5.2%	9.2%	13.2%
7.0%	$9.02	$15.51	$23.06	$31.80	$41.86
8.0%	$3.29	$8.51	$14.58	$21.59	$29.65
9.0%	$-0.68	$3.67	$8.71	$14.53	$21.21
10.0%	$-3.60	$0.11	$4.41	$9.36	$15.04
11.0%	$-5.83	$-2.61	$1.12	$5.41	$10.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.79

Book Value / share($)Yahoo: $61.08

Results

Graham Number$96.60

Current Price$106.04

Margin of Safety-8.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.70%

Terminal growth rate(%)

Computed WACC: 9.70%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)80.13%

Debt weight (D/V)19.87%

Results

Current Price$106.04

Implied Near-term FCF Growth32.2%

Historical Revenue Growth5.2%

Historical Earnings Growth-4.3%

Base FCF (TTM)$3.17B

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: $1.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.90

Current Price$106.04

Upside / Downside-70.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $19.31B

Target EV/EBITDA multipleCurrent: 12.1×

Net Debt($B)Default: $40.96B

Results

Implied Equity Value / share$109.17

Current Price$106.04

Upside / Downside+2.9%

Implied EV$234.36B

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

Mult \ Net Debt	$20.96B	$30.96B	$40.96B	$50.96B	$60.96B
8.1x	$76.87	$71.22	$65.58	$59.93	$54.29
10.1x	$98.66	$93.02	$87.37	$81.73	$76.08
12.1x	$120.46	$114.81	$109.17	$103.52	$97.88
14.1x	$142.25	$136.61	$130.96	$125.32	$119.67
16.1x	$164.05	$158.40	$152.76	$147.12	$141.47

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