DKS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($204.04)
DCF	$-1761.84	-963.5%
Graham Number	$130.99	-35.8%
Reverse DCF	—	—
DDM	$99.91	-51.0%
EV/EBITDA	$276.46	+35.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.08B

Near-term growth (yrs 1–5)(%)Rev: 36.3% / EPS: -68.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.06%

Computed WACC: 8.06%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)0.69%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.45%

Debt weight (D/V)29.55%

Results

Intrinsic Value / share$-2108.95

Current Price$204.04

Upside / Downside-1133.6%

Net Debt (used)$6.88B

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

WACC \ Near-term	28.3%	32.3%	36.3%	40.3%	44.3%
7.0%	$-2025.27	$-2335.95	$-2686.01	$-3079.11	$-3519.11
8.0%	$-1618.17	$-1861.47	$-2135.51	$-2443.12	$-2787.34
9.0%	$-1339.62	$-1536.86	$-1758.94	$-2008.14	$-2286.89
10.0%	$-1137.97	$-1301.91	$-1486.42	$-1693.38	$-1924.81
11.0%	$-985.89	$-1124.75	$-1280.96	$-1456.12	$-1651.92

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $12.30

Book Value / share($)Yahoo: $62.00

Results

Graham Number$130.99

Current Price$204.04

Margin of Safety-35.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.06%

Terminal growth rate(%)

Computed WACC: 8.06%

Cost of equity (Re)11.21%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)0.69%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)70.45%

Debt weight (D/V)29.55%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$204.04

Implied Near-term FCF Growth—

Historical Revenue Growth36.3%

Historical Earnings Growth-68.7%

Base FCF (TTM)-$1.08B

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: $4.85

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$99.91

Current Price$204.04

Upside / Downside-51.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.89B

Target EV/EBITDA multipleCurrent: 13.4×

Net Debt($B)Default: $6.88B

Results

Implied Equity Value / share$276.46

Current Price$204.04

Upside / Downside+35.5%

Implied EV$25.23B

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

Mult \ Net Debt	$2.88B	$4.88B	$6.88B	$8.88B	$10.88B
9.4x	$223.06	$192.93	$162.81	$132.69	$102.57
11.4x	$279.88	$249.76	$219.64	$189.52	$159.40
13.4x	$336.71	$306.58	$276.46	$246.34	$216.22
15.4x	$393.53	$363.41	$333.29	$303.17	$273.05
17.4x	$450.36	$420.24	$390.11	$359.99	$329.87

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