DK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.34)
DCF	$-14.17	-134.3%
Graham Number	—	—
Reverse DCF	—	implied g: 21.6%
DDM	$21.01	-49.2%
EV/EBITDA	$42.30	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $118.10M

Near-term growth (yrs 1–5)(%)Rev: 2.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.52%

Computed WACC: 3.52%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.77 × 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)41.19%

Debt weight (D/V)58.81%

Results

Intrinsic Value / share$173.73

Current Price$41.34

Upside / Downside+320.2%

Net Debt (used)$2.92B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-13.87	$-6.83	$1.36	$10.84	$21.76
8.0%	$-20.07	$-14.40	$-7.82	$-0.21	$8.55
9.0%	$-24.36	$-19.65	$-14.17	$-7.85	$-0.59
10.0%	$-27.52	$-23.49	$-18.83	$-13.45	$-7.28
11.0%	$-29.93	$-26.43	$-22.39	$-17.73	$-12.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-8.11

Book Value / share($)Yahoo: $4.79

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$41.34

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.52%

Terminal growth rate(%)

Computed WACC: 3.52%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.77 × 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)41.19%

Debt weight (D/V)58.81%

Results

Current Price$41.34

Implied Near-term FCF Growth-7.5%

Historical Revenue Growth2.3%

Historical Earnings Growth—

Base FCF (TTM)$118.10M

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: $1.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.01

Current Price$41.34

Upside / Downside-49.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $774.20M

Target EV/EBITDA multipleCurrent: 7.1×

Net Debt($B)Default: $2.92B

Results

Implied Equity Value / share$42.30

Current Price$41.34

Upside / Downside+2.3%

Implied EV$5.46B

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

Mult \ Net Debt	$924.40M	$1.92B	$2.92B	$3.92B	$4.92B
3.1x	$24.03	$7.38	$-9.27	$-25.93	$-42.58
5.1x	$49.82	$33.16	$16.51	$-0.14	$-16.79
7.1x	$75.60	$58.95	$42.30	$25.64	$8.99
9.1x	$101.38	$84.73	$68.08	$51.43	$34.78
11.1x	$127.17	$110.52	$93.86	$77.21	$60.56

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