DLR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($178.69)
DCF	$152.89	-14.4%
Graham Number	$72.03	-59.7%
Reverse DCF	—	implied g: 19.2%
DDM	$100.53	-43.7%
EV/EBITDA	$186.41	+4.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.96B

Near-term growth (yrs 1–5)(%)Rev: 17.1% / EPS: -53.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.43%

Computed WACC: 8.43%

Cost of equity (Re)10.61%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)2.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.50%

Debt weight (D/V)24.50%

Results

Intrinsic Value / share$175.14

Current Price$178.69

Upside / Downside-2.0%

Net Debt (used)$16.80B

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

WACC \ Near-term	9.1%	13.1%	17.1%	21.1%	25.1%
7.0%	$168.26	$208.68	$255.05	$308.04	$368.33
8.0%	$125.85	$157.94	$194.73	$236.74	$284.50
9.0%	$96.64	$123.02	$153.23	$187.70	$226.86
10.0%	$75.36	$97.58	$123.01	$151.99	$184.90
11.0%	$59.19	$78.25	$100.06	$124.90	$153.07

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.57

Book Value / share($)Yahoo: $64.60

Results

Graham Number$72.03

Current Price$178.69

Margin of Safety-59.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.43%

Terminal growth rate(%)

Computed WACC: 8.43%

Cost of equity (Re)10.61%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)2.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.50%

Debt weight (D/V)24.50%

Results

Current Price$178.69

Implied Near-term FCF Growth17.4%

Historical Revenue Growth17.1%

Historical Earnings Growth-53.4%

Base FCF (TTM)$1.96B

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: $4.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$100.53

Current Price$178.69

Upside / Downside-43.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.78B

Target EV/EBITDA multipleCurrent: 29.1×

Net Debt($B)Default: $16.80B

Results

Implied Equity Value / share$186.41

Current Price$178.69

Upside / Downside+4.3%

Implied EV$80.85B

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

Mult \ Net Debt	$8.80B	$12.80B	$16.80B	$20.80B	$24.80B
25.1x	$177.33	$165.69	$154.05	$142.41	$130.77
27.1x	$193.51	$181.87	$170.23	$158.59	$146.95
29.1x	$209.69	$198.05	$186.41	$174.77	$163.12
31.1x	$225.87	$214.23	$202.59	$190.94	$179.30
33.1x	$242.05	$230.40	$218.76	$207.12	$195.48

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