DUK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($131.63)
DCF	$-170.73	-229.7%
Graham Number	$96.35	-26.8%
Reverse DCF	—	—
DDM	$87.76	-33.3%
EV/EBITDA	$134.39	+2.1%

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: 5.24%

Computed WACC: 5.24%

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)52.91%

Debt weight (D/V)47.09%

Results

Intrinsic Value / share$-248.25

Current Price$131.63

Upside / Downside-288.6%

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%	$-172.11	$-183.08	$-195.78	$-210.44	$-227.27
8.0%	$-162.00	$-170.79	$-180.97	$-192.69	$-206.14
9.0%	$-155.01	$-162.30	$-170.73	$-180.44	$-191.55
10.0%	$-149.89	$-156.09	$-163.25	$-171.47	$-180.89
11.0%	$-145.98	$-151.34	$-157.53	$-164.64	$-172.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.31

Book Value / share($)Yahoo: $65.38

Results

Graham Number$96.35

Current Price$131.63

Margin of Safety-26.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.24%

Terminal growth rate(%)

Computed WACC: 5.24%

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)52.91%

Debt weight (D/V)47.09%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$131.63

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: $4.26

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$87.76

Current Price$131.63

Upside / Downside-33.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.28B

Target EV/EBITDA multipleCurrent: 12.0×

Net Debt($B)Default: $90.86B

Results

Implied Equity Value / share$134.39

Current Price$131.63

Upside / Downside+2.1%

Implied EV$195.37B

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

Mult \ Net Debt	$44.86B	$67.86B	$90.86B	$113.86B	$136.86B
8.0x	$109.80	$80.22	$50.65	$21.07	$-8.50
10.0x	$151.67	$122.09	$92.52	$62.94	$33.37
12.0x	$193.54	$163.97	$134.39	$104.81	$75.24
14.0x	$235.41	$205.84	$176.26	$146.69	$117.11
16.0x	$277.29	$247.71	$218.13	$188.56	$158.98

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