DOCU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.16)
DCF	$513.35	+1012.1%
Graham Number	$17.84	-61.3%
Reverse DCF	—	implied g: -9.9%
DDM	—	—
EV/EBITDA	$45.07	-2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.18B

Near-term growth (yrs 1–5)(%)Rev: 8.4% / EPS: 33.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.69%

Computed WACC: 9.69%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × 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)98.40%

Debt weight (D/V)1.60%

Results

Intrinsic Value / share$454.27

Current Price$46.16

Upside / Downside+884.1%

Net Debt (used)-$689.50M

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

WACC \ Near-term	25.3%	29.3%	33.3%	37.3%	41.3%
7.0%	$590.32	$687.31	$796.87	$920.20	$1058.57
8.0%	$467.11	$543.19	$629.09	$725.76	$834.17
9.0%	$382.74	$444.52	$514.25	$592.68	$680.61
10.0%	$321.61	$373.05	$431.07	$496.31	$569.42
11.0%	$275.47	$319.11	$368.31	$423.61	$485.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $9.89

Results

Graham Number$17.84

Current Price$46.16

Margin of Safety-61.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.69%

Terminal growth rate(%)

Computed WACC: 9.69%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × 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)98.40%

Debt weight (D/V)1.60%

Results

Current Price$46.16

Implied Near-term FCF Growth-8.5%

Historical Revenue Growth8.4%

Historical Earnings Growth33.3%

Base FCF (TTM)$1.18B

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$46.16

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $318.36M

Target EV/EBITDA multipleCurrent: 26.2×

Net Debt($B)Default: -$689.50M

Results

Implied Equity Value / share$45.07

Current Price$46.16

Upside / Downside-2.4%

Implied EV$8.34B

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

Mult \ Net Debt	-$2.69B	-$1.69B	-$689.50M	$310.50M	$1.31B
22.2x	$48.70	$43.71	$38.71	$33.72	$28.73
24.2x	$51.88	$46.88	$41.89	$36.90	$31.90
26.2x	$55.06	$50.06	$45.07	$40.08	$35.08
28.2x	$58.24	$53.24	$48.25	$43.26	$38.26
30.2x	$61.42	$56.42	$51.43	$46.44	$41.44

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