DLB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($65.12)
DCF	$115.85	+77.9%
Graham Number	$38.84	-40.4%
Reverse DCF	—	implied g: -6.1%
DDM	$28.43	-56.3%
EV/EBITDA	$102.34	+57.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $367.37M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: -21.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.91%

Computed WACC: 8.91%

Cost of equity (Re)8.96%(Rf 4.30% + β 0.85 × 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)99.35%

Debt weight (D/V)0.65%

Results

Intrinsic Value / share$117.36

Current Price$65.12

Upside / Downside+80.2%

Net Debt (used)-$603.95M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$116.76	$138.37	$163.50	$192.59	$226.10
8.0%	$97.75	$115.14	$135.34	$158.69	$185.55
9.0%	$84.58	$99.06	$115.85	$135.24	$157.51
10.0%	$74.90	$87.26	$101.56	$118.06	$136.99
11.0%	$67.50	$78.23	$90.64	$104.93	$121.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.47

Book Value / share($)Yahoo: $27.15

Results

Graham Number$38.84

Current Price$65.12

Margin of Safety-40.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.91%

Terminal growth rate(%)

Computed WACC: 8.91%

Cost of equity (Re)8.96%(Rf 4.30% + β 0.85 × 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)99.35%

Debt weight (D/V)0.65%

Results

Current Price$65.12

Implied Near-term FCF Growth-6.3%

Historical Revenue Growth-2.9%

Historical Earnings Growth-21.4%

Base FCF (TTM)$367.37M

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: $1.38

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.43

Current Price$65.12

Upside / Downside-56.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $357.11M

Target EV/EBITDA multipleCurrent: 15.8×

Net Debt($B)Default: -$603.95M

Results

Implied Equity Value / share$102.34

Current Price$65.12

Upside / Downside+57.2%

Implied EV$5.63B

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

Mult \ Net Debt	-$2.60B	-$1.60B	-$603.95M	$396.06M	$1.40B
11.8x	$111.73	$95.30	$78.88	$62.45	$46.03
13.8x	$123.46	$107.03	$90.61	$74.18	$57.76
15.8x	$135.19	$118.76	$102.34	$85.91	$69.49
17.8x	$146.92	$130.49	$114.07	$97.64	$81.22
19.8x	$158.65	$142.22	$125.80	$109.38	$92.95

← Overview Financial Statements ← Companies