DOCN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($58.24)
DCF	$1585.30	+2622.0%
Graham Number	—	—
Reverse DCF	—	implied g: 26.6%
DDM	—	—
EV/EBITDA	$56.37	-3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $112.40M

Near-term growth (yrs 1–5)(%)Rev: 18.3% / EPS: 90.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.75%

Computed WACC: 10.75%

Cost of equity (Re)14.01%(Rf 4.30% + β 1.77 × ERP 5.50%)

Cost of debt (Rd)0.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.80%

Debt weight (D/V)24.20%

Results

Intrinsic Value / share$1124.21

Current Price$58.24

Upside / Downside+1830.3%

Net Debt (used)$1.45B

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

WACC \ Near-term	82.1%	86.1%	90.1%	94.1%	98.1%
7.0%	$2095.34	$2336.64	$2599.55	$2885.49	$3195.93
8.0%	$1609.29	$1794.83	$1996.98	$2216.82	$2455.50
9.0%	$1279.27	$1426.96	$1587.86	$1762.84	$1952.79
10.0%	$1042.39	$1162.92	$1294.22	$1437.00	$1591.99
11.0%	$865.39	$965.63	$1074.81	$1193.54	$1322.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.50

Book Value / share($)Yahoo: $-0.31

Results

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

Graham Number—

Current Price$58.24

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.75%

Terminal growth rate(%)

Computed WACC: 10.75%

Cost of equity (Re)14.01%(Rf 4.30% + β 1.77 × ERP 5.50%)

Cost of debt (Rd)0.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)75.80%

Debt weight (D/V)24.20%

Results

Current Price$58.24

Implied Near-term FCF Growth32.0%

Historical Revenue Growth18.3%

Historical Earnings Growth90.1%

Base FCF (TTM)$112.40M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$58.24

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $284.30M

Target EV/EBITDA multipleCurrent: 23.2×

Net Debt($B)Default: $1.45B

Results

Implied Equity Value / share$56.37

Current Price$58.24

Upside / Downside-3.2%

Implied EV$6.60B

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

Mult \ Net Debt	$1.45B	$1.45B	$1.45B	$1.45B	$1.45B
19.2x	$43.94	$43.94	$43.94	$43.94	$43.94
21.2x	$50.15	$50.15	$50.15	$50.15	$50.15
23.2x	$56.37	$56.37	$56.37	$56.37	$56.37
25.2x	$62.58	$62.58	$62.58	$62.58	$62.58
27.2x	$68.80	$68.80	$68.80	$68.80	$68.80

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