ELAN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.09)
DCF	$22.25	-14.7%
Graham Number	$4.56	-82.5%
Reverse DCF	—	implied g: 14.3%
DDM	—	—
EV/EBITDA	$26.11	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $559.75M

Near-term growth (yrs 1–5)(%)Rev: 12.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.92%

Computed WACC: 10.92%

Cost of equity (Re)14.67%(Rf 4.30% + β 1.89 × 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)74.47%

Debt weight (D/V)25.53%

Results

Intrinsic Value / share$14.84

Current Price$26.09

Upside / Downside-43.1%

Net Debt (used)$3.90B

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

WACC \ Near-term	4.2%	8.2%	12.2%	16.2%	20.2%
7.0%	$23.71	$29.79	$36.81	$44.87	$54.08
8.0%	$17.74	$22.60	$28.19	$34.61	$41.94
9.0%	$13.63	$17.63	$22.25	$27.54	$33.57
10.0%	$10.62	$14.01	$17.91	$22.38	$27.47
11.0%	$8.32	$11.25	$14.61	$18.45	$22.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.07

Book Value / share($)Yahoo: $13.17

Results

Graham Number$4.56

Current Price$26.09

Margin of Safety-82.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.92%

Terminal growth rate(%)

Computed WACC: 10.92%

Cost of equity (Re)14.67%(Rf 4.30% + β 1.89 × 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)74.47%

Debt weight (D/V)25.53%

Results

Current Price$26.09

Implied Near-term FCF Growth19.5%

Historical Revenue Growth12.2%

Historical Earnings Growth—

Base FCF (TTM)$559.75M

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$26.09

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $908.00M

Target EV/EBITDA multipleCurrent: 18.6×

Net Debt($B)Default: $3.90B

Results

Implied Equity Value / share$26.11

Current Price$26.09

Upside / Downside+0.1%

Implied EV$16.87B

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

Mult \ Net Debt	$1.90B	$2.90B	$3.90B	$4.90B	$5.90B
14.6x	$22.82	$20.81	$18.80	$16.78	$14.77
16.6x	$26.48	$24.46	$22.45	$20.44	$18.43
18.6x	$30.13	$28.12	$26.11	$24.09	$22.08
20.6x	$33.79	$31.77	$29.76	$27.75	$25.74
22.6x	$37.44	$35.43	$33.42	$31.40	$29.39

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