EMN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($75.28)
DCF	$21.68	-71.2%
Graham Number	$69.44	-7.8%
Reverse DCF	—	implied g: 15.8%
DDM	$68.80	-8.6%
EV/EBITDA	$76.17	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $398.88M

Near-term growth (yrs 1–5)(%)Rev: -12.1% / EPS: -67.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.95%

Computed WACC: 6.95%

Cost of equity (Re)11.08%(Rf 4.30% + β 1.23 × 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)62.76%

Debt weight (D/V)37.24%

Results

Intrinsic Value / share$50.31

Current Price$75.28

Upside / Downside-33.2%

Net Debt (used)$4.53B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$22.21	$34.73	$49.30	$66.17	$85.59
8.0%	$11.19	$21.27	$32.98	$46.51	$62.08
9.0%	$3.55	$11.95	$21.68	$32.92	$45.83
10.0%	$-2.05	$5.11	$13.40	$22.96	$33.93
11.0%	$-6.34	$-0.12	$7.07	$15.35	$24.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.10

Book Value / share($)Yahoo: $52.27

Results

Graham Number$69.44

Current Price$75.28

Margin of Safety-7.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.95%

Terminal growth rate(%)

Computed WACC: 6.95%

Cost of equity (Re)11.08%(Rf 4.30% + β 1.23 × 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)62.76%

Debt weight (D/V)37.24%

Results

Current Price$75.28

Implied Near-term FCF Growth8.9%

Historical Revenue Growth-12.1%

Historical Earnings Growth-67.5%

Base FCF (TTM)$398.88M

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: $3.34

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$68.80

Current Price$75.28

Upside / Downside-8.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.47B

Target EV/EBITDA multipleCurrent: 9.0×

Net Debt($B)Default: $4.53B

Results

Implied Equity Value / share$76.17

Current Price$75.28

Upside / Downside+1.2%

Implied EV$13.22B

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

Mult \ Net Debt	$2.53B	$3.53B	$4.53B	$5.53B	$6.53B
5.0x	$42.11	$33.35	$24.58	$15.81	$7.04
7.0x	$67.91	$59.14	$50.37	$41.61	$32.84
9.0x	$93.71	$84.94	$76.17	$67.40	$58.63
11.0x	$119.50	$110.73	$101.97	$93.20	$84.43
13.0x	$145.30	$136.53	$127.76	$118.99	$110.23

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