DRI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($209.87)
DCF	$71.98	-65.7%
Graham Number	$62.23	-70.3%
Reverse DCF	—	implied g: 23.7%
DDM	$123.60	-41.1%
EV/EBITDA	$213.86	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $628.68M

Near-term growth (yrs 1–5)(%)Rev: 7.3% / EPS: 11.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.72%

Computed WACC: 5.72%

Cost of equity (Re)7.68%(Rf 4.30% + β 0.61 × 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)74.52%

Debt weight (D/V)25.48%

Results

Intrinsic Value / share$229.96

Current Price$209.87

Upside / Downside+9.6%

Net Debt (used)$8.12B

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

WACC \ Near-term	3.8%	7.8%	11.8%	15.8%	19.8%
7.0%	$78.60	$107.43	$140.69	$178.91	$222.62
8.0%	$50.48	$73.49	$100.02	$130.47	$165.26
9.0%	$31.07	$50.08	$71.98	$97.08	$125.74
10.0%	$16.89	$32.98	$51.50	$72.71	$96.91
11.0%	$6.08	$19.96	$35.92	$54.17	$74.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.54

Book Value / share($)Yahoo: $18.04

Results

Graham Number$62.23

Current Price$209.87

Margin of Safety-70.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.72%

Terminal growth rate(%)

Computed WACC: 5.72%

Cost of equity (Re)7.68%(Rf 4.30% + β 0.61 × 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)74.52%

Debt weight (D/V)25.48%

Results

Current Price$209.87

Implied Near-term FCF Growth10.7%

Historical Revenue Growth7.3%

Historical Earnings Growth11.8%

Base FCF (TTM)$628.68M

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: $6.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$123.60

Current Price$209.87

Upside / Downside-41.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.99B

Target EV/EBITDA multipleCurrent: 16.5×

Net Debt($B)Default: $8.12B

Results

Implied Equity Value / share$213.86

Current Price$209.87

Upside / Downside+1.9%

Implied EV$32.75B

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

Mult \ Net Debt	$4.12B	$6.12B	$8.12B	$10.12B	$12.12B
12.5x	$179.54	$162.17	$144.80	$127.43	$110.06
14.5x	$214.07	$196.70	$179.33	$161.96	$144.59
16.5x	$248.60	$231.23	$213.86	$196.49	$179.12
18.5x	$283.13	$265.76	$248.38	$231.01	$213.64
20.5x	$317.65	$300.28	$282.91	$265.54	$248.17

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