DTE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($146.12)
DCF	$-701.00	-579.7%
Graham Number	$96.79	-33.8%
Reverse DCF	—	—
DDM	$92.91	-36.4%
EV/EBITDA	$147.67	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.75B

Near-term growth (yrs 1–5)(%)Rev: 28.9% / EPS: 25.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.22%

Computed WACC: 5.22%

Cost of equity (Re)6.69%(Rf 4.30% + β 0.43 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.60%

Debt weight (D/V)46.40%

Results

Intrinsic Value / share$-1683.81

Current Price$146.12

Upside / Downside-1252.3%

Net Debt (used)$26.08B

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

WACC \ Near-term	20.9%	24.9%	28.9%	32.9%	36.9%
7.0%	$-774.65	$-885.42	$-1011.06	$-1153.01	$-1312.85
8.0%	$-640.55	$-727.70	$-826.49	$-938.06	$-1063.63
9.0%	$-548.61	$-619.58	$-700.00	$-790.77	$-892.88
10.0%	$-481.90	$-541.16	$-608.26	$-683.97	$-769.10
11.0%	$-431.47	$-481.89	$-538.95	$-603.29	$-675.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.03

Book Value / share($)Yahoo: $59.22

Results

Graham Number$96.79

Current Price$146.12

Margin of Safety-33.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.22%

Terminal growth rate(%)

Computed WACC: 5.22%

Cost of equity (Re)6.69%(Rf 4.30% + β 0.43 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.60%

Debt weight (D/V)46.40%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$146.12

Implied Near-term FCF Growth—

Historical Revenue Growth28.9%

Historical Earnings Growth25.5%

Base FCF (TTM)-$1.75B

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: $4.51

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$92.91

Current Price$146.12

Upside / Downside-36.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.62B

Target EV/EBITDA multipleCurrent: 15.7×

Net Debt($B)Default: $26.08B

Results

Implied Equity Value / share$147.67

Current Price$146.12

Upside / Downside+1.1%

Implied EV$56.77B

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

Mult \ Net Debt	$12.08B	$19.08B	$26.08B	$33.08B	$40.08B
11.7x	$145.42	$111.73	$78.05	$44.36	$10.68
13.7x	$180.23	$146.55	$112.86	$79.17	$45.49
15.7x	$215.04	$181.36	$147.67	$113.99	$80.30
17.7x	$249.86	$216.17	$182.48	$148.80	$115.11
19.7x	$284.67	$250.98	$217.30	$183.61	$149.92

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