EMA

EMA — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($51.32)
DCF$-257.09-601.0%
Graham Number$40.17-21.7%
Reverse DCF
DDM$43.26-15.7%
EV/EBITDA$57.01+11.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: -$1.92B
Rev: 13.8% / EPS: -56.9%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$-257.09
Current Price$51.32
Upside / Downside-601.0%
Net Debt (used)$21.23B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term5.8%9.8%13.8%17.8%21.8%
7.0%$-267.76$-305.37$-348.68$-398.33$-455.00
8.0%$-230.02$-259.98$-294.45$-333.93$-378.96
9.0%$-203.99$-228.70$-257.09$-289.58$-326.60
10.0%$-184.99$-205.87$-229.84$-257.24$-288.44
11.0%$-170.53$-188.50$-209.11$-232.66$-259.44

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $2.47
Yahoo: $29.03

Results

Graham Number$40.17
Current Price$51.32
Margin of Safety-21.7%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Reverse DCF requires positive TTM free cash flow.
Current Price$51.32
Implied Near-term FCF Growth
Historical Revenue Growth13.8%
Historical Earnings Growth-56.9%
Base FCF (TTM)-$1.92B
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

Yahoo: $2.10

Results

DDM Intrinsic Value / share$43.26
Current Price$51.32
Upside / Downside-15.7%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $3.37B
Current: 11.4×
Default: $21.23B

Results

Implied Equity Value / share$57.01
Current Price$51.32
Upside / Downside+11.1%
Implied EV$38.44B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$11.23B$16.23B$21.23B$26.23B$31.23B
7.4x$45.44$28.87$12.30$-4.27$-20.84
9.4x$67.80$51.23$34.66$18.09$1.52
11.4x$90.15$73.58$57.01$40.44$23.87
13.4x$112.51$95.94$79.37$62.80$46.23
15.4x$134.86$118.29$101.72$85.15$68.58