DVA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($151.06)
DCF	$186.24	+23.3%
Graham Number	—	—
Reverse DCF	—	implied g: 8.2%
DDM	—	—
EV/EBITDA	$180.92	+19.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.05B

Near-term growth (yrs 1–5)(%)Rev: 9.9% / EPS: 6.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.80%

Computed WACC: 6.80%

Cost of equity (Re)9.42%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)6.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.96%

Debt weight (D/V)56.04%

Results

Intrinsic Value / share$388.22

Current Price$151.06

Upside / Downside+157.0%

Net Debt (used)$12.17B

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

WACC \ Near-term	1.9%	5.9%	9.9%	13.9%	17.9%
7.0%	$200.24	$275.11	$361.71	$461.41	$575.64
8.0%	$129.17	$189.06	$258.26	$337.83	$428.93
9.0%	$80.06	$129.64	$186.86	$252.58	$327.74
10.0%	$44.13	$86.19	$134.67	$190.29	$253.85
11.0%	$16.72	$53.07	$94.91	$142.86	$197.61

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.52

Book Value / share($)Yahoo: $-9.50

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$151.06

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.80%

Terminal growth rate(%)

Computed WACC: 6.80%

Cost of equity (Re)9.42%(Rf 4.30% + β 0.93 × ERP 5.50%)

Cost of debt (Rd)6.00%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)43.96%

Debt weight (D/V)56.04%

Results

Current Price$151.06

Implied Near-term FCF Growth1.3%

Historical Revenue Growth9.9%

Historical Earnings Growth6.5%

Base FCF (TTM)$1.05B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$151.06

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.75B

Target EV/EBITDA multipleCurrent: 8.8×

Net Debt($B)Default: $12.17B

Results

Implied Equity Value / share$180.92

Current Price$151.06

Upside / Downside+19.8%

Implied EV$24.27B

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

Mult \ Net Debt	$6.17B	$9.17B	$12.17B	$15.17B	$18.17B
4.8x	$106.06	$61.18	$16.30	$-28.58	$-73.45
6.8x	$188.37	$143.49	$98.61	$53.73	$8.86
8.8x	$270.68	$225.80	$180.92	$136.04	$91.17
10.8x	$352.99	$308.11	$263.23	$218.35	$173.48
12.8x	$435.30	$390.42	$345.54	$300.66	$255.79

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