DKL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($53.38)
DCF	$-184.12	-444.9%
Graham Number	$4.76	-91.1%
Reverse DCF	—	—
DDM	$92.08	+72.5%
EV/EBITDA	$51.93	-2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$160.88M

Near-term growth (yrs 1–5)(%)Rev: 22.1% / EPS: 19.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.89%

Computed WACC: 3.89%

Cost of equity (Re)7.01%(Rf 4.30% + β 0.49 × 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)55.42%

Debt weight (D/V)44.58%

Results

Intrinsic Value / share$-804.99

Current Price$53.38

Upside / Downside-1608.2%

Net Debt (used)$2.29B

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

WACC \ Near-term	14.1%	18.1%	22.1%	26.1%	30.1%
7.0%	$-198.38	$-226.30	$-258.17	$-294.40	$-335.44
8.0%	$-167.16	$-189.23	$-214.41	$-243.02	$-275.41
9.0%	$-145.71	$-163.77	$-184.36	$-207.74	$-234.20
10.0%	$-130.10	$-145.26	$-162.52	$-182.11	$-204.26
11.0%	$-118.28	$-131.23	$-145.98	$-162.70	$-181.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.08

Book Value / share($)Yahoo: $0.33

Results

Graham Number$4.76

Current Price$53.38

Margin of Safety-91.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.89%

Terminal growth rate(%)

Computed WACC: 3.89%

Cost of equity (Re)7.01%(Rf 4.30% + β 0.49 × 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)55.42%

Debt weight (D/V)44.58%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$53.38

Implied Near-term FCF Growth—

Historical Revenue Growth22.1%

Historical Earnings Growth19.7%

Base FCF (TTM)-$160.88M

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: $4.47

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$92.08

Current Price$53.38

Upside / Downside+72.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $295.09M

Target EV/EBITDA multipleCurrent: 17.2×

Net Debt($B)Default: $2.29B

Results

Implied Equity Value / share$51.93

Current Price$53.38

Upside / Downside-2.7%

Implied EV$5.07B

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

Mult \ Net Debt	$289.03M	$1.29B	$2.29B	$3.29B	$4.29B
13.2x	$67.26	$48.56	$29.86	$11.16	$-7.54
15.2x	$78.29	$59.60	$40.90	$22.20	$3.50
17.2x	$89.33	$70.63	$51.93	$33.23	$14.54
19.2x	$100.36	$81.67	$62.97	$44.27	$25.57
21.2x	$111.40	$92.70	$74.00	$55.30	$36.61

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