EBF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.08)
DCF	$26.58	+26.1%
Graham Number	$21.23	+0.7%
Reverse DCF	—	implied g: 3.6%
DDM	$20.60	-2.3%
EV/EBITDA	$21.08	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $31.67M

Near-term growth (yrs 1–5)(%)Rev: 0.4% / EPS: 7.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.04%

Computed WACC: 6.04%

Cost of equity (Re)6.15%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)98.12%

Debt weight (D/V)1.88%

Results

Intrinsic Value / share$49.14

Current Price$21.08

Upside / Downside+133.1%

Net Debt (used)-$20.93M

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

WACC \ Near-term	-0.3%	3.7%	7.7%	11.7%	15.7%
7.0%	$27.24	$32.49	$38.58	$45.60	$53.67
8.0%	$22.42	$26.63	$31.51	$37.13	$43.57
9.0%	$19.08	$22.58	$26.62	$31.27	$36.60
10.0%	$16.64	$19.61	$23.04	$26.99	$31.51
11.0%	$14.77	$17.35	$20.32	$23.73	$27.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.66

Book Value / share($)Yahoo: $12.07

Results

Graham Number$21.23

Current Price$21.08

Margin of Safety+0.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.04%

Terminal growth rate(%)

Computed WACC: 6.04%

Cost of equity (Re)6.15%(Rf 4.30% + β 0.34 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)98.12%

Debt weight (D/V)1.88%

Results

Current Price$21.08

Implied Near-term FCF Growth-5.6%

Historical Revenue Growth0.4%

Historical Earnings Growth7.7%

Base FCF (TTM)$31.67M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$21.08

Upside / Downside-2.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $68.20M

Target EV/EBITDA multipleCurrent: 7.5×

Net Debt($B)Default: -$20.93M

Results

Implied Equity Value / share$21.08

Current Price$21.08

Upside / Downside+0.0%

Implied EV$512.25M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$20.93M	$979.07M	$1.98B
3.5x	$89.37	$49.83	$10.29	$-29.24	$-68.78
5.5x	$94.76	$55.22	$15.69	$-23.85	$-63.39
7.5x	$100.15	$60.62	$21.08	$-18.46	$-57.99
9.5x	$105.55	$66.01	$26.47	$-13.06	$-52.60
11.5x	$110.94	$71.40	$31.87	$-7.67	$-47.21

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