DOCS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.42)
DCF	$42.52	+67.3%
Graham Number	$11.91	-53.2%
Reverse DCF	—	implied g: -0.7%
DDM	—	—
EV/EBITDA	$33.86	+33.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $213.63M

Near-term growth (yrs 1–5)(%)Rev: 9.8% / EPS: -16.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.89%

Computed WACC: 11.89%

Cost of equity (Re)11.92%(Rf 4.30% + β 1.39 × 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)99.78%

Debt weight (D/V)0.22%

Results

Intrinsic Value / share$30.46

Current Price$25.42

Upside / Downside+19.8%

Net Debt (used)-$724.43M

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

WACC \ Near-term	1.8%	5.8%	9.8%	13.8%	17.8%
7.0%	$43.84	$51.37	$60.08	$70.11	$81.60
8.0%	$36.71	$42.73	$49.69	$57.70	$66.86
9.0%	$31.78	$36.77	$42.52	$49.14	$56.70
10.0%	$28.17	$32.40	$37.28	$42.88	$49.28
11.0%	$25.42	$29.08	$33.29	$38.11	$43.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.19

Book Value / share($)Yahoo: $5.29

Results

Graham Number$11.91

Current Price$25.42

Margin of Safety-53.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.89%

Terminal growth rate(%)

Computed WACC: 11.89%

Cost of equity (Re)11.92%(Rf 4.30% + β 1.39 × 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)99.78%

Debt weight (D/V)0.22%

Results

Current Price$25.42

Implied Near-term FCF Growth5.7%

Historical Revenue Growth9.8%

Historical Earnings Growth-16.2%

Base FCF (TTM)$213.63M

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$25.42

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $245.46M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: -$724.43M

Results

Implied Equity Value / share$33.86

Current Price$25.42

Upside / Downside+33.2%

Implied EV$3.81B

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

Mult \ Net Debt	-$2.72B	-$1.72B	-$724.43M	$275.57M	$1.28B
11.5x	$41.47	$34.00	$26.52	$19.05	$11.58
13.5x	$45.14	$37.67	$30.19	$22.72	$15.25
15.5x	$48.81	$41.33	$33.86	$26.39	$18.91
17.5x	$52.48	$45.00	$37.53	$30.06	$22.58
19.5x	$56.15	$48.67	$41.20	$33.73	$26.25

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