DPZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($401.37)
DCF	$957.01	+138.4%
Graham Number	—	—
Reverse DCF	—	implied g: 17.6%
DDM	$163.98	-59.1%
EV/EBITDA	$434.30	+8.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $508.72M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: 30.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.97%

Computed WACC: 9.97%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × ERP 5.50%)

Cost of debt (Rd)10.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.81%

Debt weight (D/V)28.19%

Results

Intrinsic Value / share$782.44

Current Price$401.37

Upside / Downside+94.9%

Net Debt (used)$5.00B

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

WACC \ Near-term	22.1%	26.1%	30.1%	34.1%	38.1%
7.0%	$1104.29	$1316.25	$1556.39	$1827.44	$2132.31
8.0%	$844.24	$1010.87	$1199.55	$1412.42	$1651.77
9.0%	$666.02	$801.61	$955.08	$1128.14	$1322.63
10.0%	$536.76	$649.88	$777.84	$922.08	$1084.11
11.0%	$439.09	$535.25	$643.98	$766.47	$904.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $17.58

Book Value / share($)Yahoo: $-112.88

Results

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

Graham Number—

Current Price$401.37

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.97%

Terminal growth rate(%)

Computed WACC: 9.97%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × ERP 5.50%)

Cost of debt (Rd)10.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.81%

Debt weight (D/V)28.19%

Results

Current Price$401.37

Implied Near-term FCF Growth20.4%

Historical Revenue Growth3.1%

Historical Earnings Growth30.1%

Base FCF (TTM)$508.72M

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: $7.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$163.98

Current Price$401.37

Upside / Downside-59.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.01B

Target EV/EBITDA multipleCurrent: 19.4×

Net Debt($B)Default: $5.00B

Results

Implied Equity Value / share$434.30

Current Price$401.37

Upside / Downside+8.2%

Implied EV$19.61B

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

Mult \ Net Debt	$3.00B	$4.00B	$5.00B	$6.00B	$7.00B
15.4x	$373.73	$344.00	$314.26	$284.52	$254.79
17.4x	$433.75	$404.01	$374.28	$344.54	$314.81
19.4x	$493.77	$464.03	$434.30	$404.56	$374.82
21.4x	$553.79	$524.05	$494.32	$464.58	$434.84
23.4x	$613.81	$584.07	$554.33	$524.60	$494.86

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