DOV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($221.26)
DCF	$125.50	-43.3%
Graham Number	$99.24	-55.2%
Reverse DCF	—	implied g: 17.9%
DDM	$42.85	-80.6%
EV/EBITDA	$226.41	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $858.88M

Near-term growth (yrs 1–5)(%)Rev: 8.8% / EPS: -80.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.99%

Computed WACC: 9.99%

Cost of equity (Re)11.17%(Rf 4.30% + β 1.25 × 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)89.44%

Debt weight (D/V)10.56%

Results

Intrinsic Value / share$106.13

Current Price$221.26

Upside / Downside-52.0%

Net Debt (used)$1.91B

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

WACC \ Near-term	0.8%	4.8%	8.8%	12.8%	16.8%
7.0%	$129.70	$158.07	$190.94	$228.81	$272.26
8.0%	$103.21	$125.94	$152.23	$182.50	$217.19
9.0%	$84.90	$103.74	$125.50	$150.53	$179.19
10.0%	$71.49	$87.49	$105.96	$127.16	$151.42
11.0%	$61.25	$75.10	$91.05	$109.36	$130.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.97

Book Value / share($)Yahoo: $54.92

Results

Graham Number$99.24

Current Price$221.26

Margin of Safety-55.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.99%

Terminal growth rate(%)

Computed WACC: 9.99%

Cost of equity (Re)11.17%(Rf 4.30% + β 1.25 × 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)89.44%

Debt weight (D/V)10.56%

Results

Current Price$221.26

Implied Near-term FCF Growth20.8%

Historical Revenue Growth8.8%

Historical Earnings Growth-80.1%

Base FCF (TTM)$858.88M

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$221.26

Upside / Downside-80.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.82B

Target EV/EBITDA multipleCurrent: 17.8×

Net Debt($B)Default: $1.91B

Results

Implied Equity Value / share$226.41

Current Price$221.26

Upside / Downside+2.3%

Implied EV$32.44B

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

Mult \ Net Debt	$1.91B	$1.91B	$1.91B	$1.91B	$1.91B
13.8x	$172.29	$172.29	$172.29	$172.29	$172.29
15.8x	$199.35	$199.35	$199.35	$199.35	$199.35
17.8x	$226.41	$226.41	$226.41	$226.41	$226.41
19.8x	$253.46	$253.46	$253.46	$253.46	$253.46
21.8x	$280.52	$280.52	$280.52	$280.52	$280.52

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