DUK-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($25.15)
DCF	$-186.25	-840.6%
Graham Number	$83.70	+232.8%
Reverse DCF	—	—
DDM	$29.66	+17.9%
EV/EBITDA	$30.45	+21.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.00B

Near-term growth (yrs 1–5)(%)Rev: 8.0% / EPS: -2.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.81%

Computed WACC: 4.81%

Cost of equity (Re)6.86%(Rf 4.30% + β 0.47 × ERP 5.50%)

Cost of debt (Rd)4.33%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)40.50%

Debt weight (D/V)59.50%

Results

Intrinsic Value / share$-298.08

Current Price$25.15

Upside / Downside-1285.2%

Net Debt (used)$90.86B

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

WACC \ Near-term	0.0%	4.0%	8.0%	12.0%	16.0%
7.0%	$-187.75	$-199.71	$-213.57	$-229.56	$-247.92
8.0%	$-176.73	$-186.31	$-197.41	$-210.20	$-224.87
9.0%	$-169.10	$-177.05	$-186.25	$-196.83	$-208.96
10.0%	$-163.51	$-170.27	$-178.08	$-187.06	$-197.33
11.0%	$-159.24	$-165.10	$-171.85	$-179.60	$-188.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.76

Book Value / share($)Yahoo: $65.38

Results

Graham Number$83.70

Current Price$25.15

Margin of Safety+232.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.81%

Terminal growth rate(%)

Computed WACC: 4.81%

Cost of equity (Re)6.86%(Rf 4.30% + β 0.47 × ERP 5.50%)

Cost of debt (Rd)4.33%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)40.50%

Debt weight (D/V)59.50%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$25.15

Implied Near-term FCF Growth—

Historical Revenue Growth8.0%

Historical Earnings Growth-2.2%

Base FCF (TTM)-$2.00B

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$25.15

Upside / Downside+17.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.28B

Target EV/EBITDA multipleCurrent: 6.9×

Net Debt($B)Default: $90.86B

Results

Implied Equity Value / share$30.45

Current Price$25.15

Upside / Downside+21.1%

Implied EV$112.57B

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

Mult \ Net Debt	$44.86B	$67.86B	$90.86B	$113.86B	$136.86B
2.9x	$3.62	$-28.64	$-60.91	$-93.17	$-125.43
4.9x	$49.30	$17.03	$-15.23	$-47.49	$-79.76
6.9x	$94.97	$62.71	$30.45	$-1.82	$-34.08
8.9x	$140.65	$108.39	$76.12	$43.86	$11.60
10.9x	$186.33	$154.06	$121.80	$89.54	$57.27

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