DTM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($141.43)
DCF	$241.51	+70.8%
Graham Number	$67.13	-52.5%
Reverse DCF	—	implied g: 38.3%
DDM	$72.51	-48.7%
EV/EBITDA	$142.82	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $156.12M

Near-term growth (yrs 1–5)(%)Rev: 27.3% / EPS: 47.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.71%

Computed WACC: 7.71%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)5.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.01%

Debt weight (D/V)18.99%

Results

Intrinsic Value / share$329.18

Current Price$141.43

Upside / Downside+132.8%

Net Debt (used)$3.32B

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

WACC \ Near-term	39.1%	43.1%	47.1%	51.1%	55.1%
7.0%	$296.03	$345.24	$400.21	$461.44	$529.45
8.0%	$224.48	$262.80	$305.61	$353.27	$406.21
9.0%	$175.63	$206.53	$241.04	$279.45	$322.11
10.0%	$140.35	$165.90	$194.42	$226.16	$261.40
11.0%	$113.82	$135.35	$159.37	$186.10	$215.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.30

Book Value / share($)Yahoo: $46.58

Results

Graham Number$67.13

Current Price$141.43

Margin of Safety-52.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.71%

Terminal growth rate(%)

Computed WACC: 7.71%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)5.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)81.01%

Debt weight (D/V)18.99%

Results

Current Price$141.43

Implied Near-term FCF Growth33.3%

Historical Revenue Growth27.3%

Historical Earnings Growth47.1%

Base FCF (TTM)$156.12M

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: $3.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$72.51

Current Price$141.43

Upside / Downside-48.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $872.00M

Target EV/EBITDA multipleCurrent: 20.5×

Net Debt($B)Default: $3.32B

Results

Implied Equity Value / share$142.82

Current Price$141.43

Upside / Downside+1.0%

Implied EV$17.85B

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

Mult \ Net Debt	$1.32B	$2.32B	$3.32B	$4.32B	$5.32B
16.5x	$128.20	$118.37	$108.54	$98.70	$88.87
18.5x	$145.34	$135.51	$125.68	$115.85	$106.02
20.5x	$162.49	$152.66	$142.82	$132.99	$123.16
22.5x	$179.63	$169.80	$159.97	$150.14	$140.31
24.5x	$196.78	$186.95	$177.11	$167.28	$157.45

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