EL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.19)
DCF	$99.17	-1.0%
Graham Number	—	—
Reverse DCF	—	implied g: 5.7%
DDM	$28.84	-71.2%
EV/EBITDA	$146.60	+46.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.70B

Near-term growth (yrs 1–5)(%)Rev: 5.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.25%

Computed WACC: 8.25%

Cost of equity (Re)10.38%(Rf 4.30% + β 1.11 × 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)79.42%

Debt weight (D/V)20.58%

Results

Intrinsic Value / share$115.73

Current Price$100.19

Upside / Downside+15.5%

Net Debt (used)$6.31B

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

WACC \ Near-term	-2.4%	1.6%	5.6%	9.6%	13.6%
7.0%	$100.67	$126.09	$155.64	$189.82	$229.16
8.0%	$78.08	$98.53	$122.26	$149.67	$181.19
9.0%	$62.44	$79.45	$99.17	$121.91	$148.03
10.0%	$50.96	$65.46	$82.25	$101.59	$123.77
11.0%	$42.18	$54.77	$69.32	$86.06	$105.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.51

Book Value / share($)Yahoo: $11.15

Results

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

Graham Number—

Current Price$100.19

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.25%

Terminal growth rate(%)

Computed WACC: 8.25%

Cost of equity (Re)10.38%(Rf 4.30% + β 1.11 × 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)79.42%

Debt weight (D/V)20.58%

Results

Current Price$100.19

Implied Near-term FCF Growth3.7%

Historical Revenue Growth5.6%

Historical Earnings Growth—

Base FCF (TTM)$1.70B

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: $1.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.84

Current Price$100.19

Upside / Downside-71.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.20B

Target EV/EBITDA multipleCurrent: 19.3×

Net Debt($B)Default: $6.31B

Results

Implied Equity Value / share$146.60

Current Price$100.19

Upside / Downside+46.3%

Implied EV$42.55B

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

Mult \ Net Debt	$2.31B	$4.31B	$6.31B	$8.31B	$10.31B
15.3x	$127.10	$119.01	$110.92	$102.83	$94.74
17.3x	$144.94	$136.85	$128.76	$120.67	$112.58
19.3x	$162.78	$154.69	$146.60	$138.51	$130.42
21.3x	$180.62	$172.53	$164.44	$156.35	$148.26
23.3x	$198.45	$190.36	$182.27	$174.18	$166.09

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