DRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.49)
DCF	$20.64	-54.6%
Graham Number	$15.43	-66.1%
Reverse DCF	—	implied g: 26.5%
DDM	$7.42	-83.7%
EV/EBITDA	$45.49	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $198.75M

Near-term growth (yrs 1–5)(%)Rev: 8.1% / EPS: 12.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.50%

Computed WACC: 5.50%

Cost of equity (Re)5.71%(Rf 4.30% + β 0.26 × 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)96.26%

Debt weight (D/V)3.74%

Results

Intrinsic Value / share$46.11

Current Price$45.49

Upside / Downside+1.4%

Net Debt (used)-$177.00M

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

WACC \ Near-term	4.2%	8.2%	12.2%	16.2%	20.2%
7.0%	$21.61	$25.65	$30.31	$35.65	$41.77
8.0%	$17.65	$20.87	$24.59	$28.84	$33.71
9.0%	$14.92	$17.58	$20.64	$24.15	$28.16
10.0%	$12.92	$15.17	$17.76	$20.73	$24.11
11.0%	$11.40	$13.34	$15.57	$18.12	$21.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.03

Book Value / share($)Yahoo: $10.27

Results

Graham Number$15.43

Current Price$45.49

Margin of Safety-66.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.50%

Terminal growth rate(%)

Computed WACC: 5.50%

Cost of equity (Re)5.71%(Rf 4.30% + β 0.26 × 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)96.26%

Debt weight (D/V)3.74%

Results

Current Price$45.49

Implied Near-term FCF Growth12.0%

Historical Revenue Growth8.1%

Historical Earnings Growth12.2%

Base FCF (TTM)$198.75M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$45.49

Upside / Downside-83.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $443.00M

Target EV/EBITDA multipleCurrent: 26.9×

Net Debt($B)Default: -$177.00M

Results

Implied Equity Value / share$45.49

Current Price$45.49

Upside / Downside+0.0%

Implied EV$11.92B

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

Mult \ Net Debt	-$2.18B	-$1.18B	-$177.00M	$823.00M	$1.82B
22.9x	$46.35	$42.59	$38.83	$35.07	$31.30
24.9x	$49.68	$45.92	$42.16	$38.40	$34.64
26.9x	$53.02	$49.26	$45.49	$41.73	$37.97
28.9x	$56.35	$52.59	$48.83	$45.06	$41.30
30.9x	$59.68	$55.92	$52.16	$48.40	$44.64

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