EMR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($152.08)
DCF	$68.04	-55.3%
Graham Number	$57.55	-62.2%
Reverse DCF	—	implied g: 16.4%
DDM	$44.70	-70.6%
EV/EBITDA	$152.10	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.88B

Near-term growth (yrs 1–5)(%)Rev: 4.1% / EPS: 4.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.56%

Computed WACC: 9.56%

Cost of equity (Re)11.14%(Rf 4.30% + β 1.24 × 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)85.88%

Debt weight (D/V)14.12%

Results

Intrinsic Value / share$60.83

Current Price$152.08

Upside / Downside-60.0%

Net Debt (used)$12.31B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$68.82	$87.16	$108.50	$133.21	$161.66
8.0%	$52.67	$67.44	$84.59	$104.42	$127.23
9.0%	$41.49	$53.78	$68.04	$84.50	$103.42
10.0%	$33.27	$43.76	$55.91	$69.92	$85.99
11.0%	$26.99	$36.10	$46.64	$58.77	$72.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.08

Book Value / share($)Yahoo: $36.08

Results

Graham Number$57.55

Current Price$152.08

Margin of Safety-62.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.56%

Terminal growth rate(%)

Computed WACC: 9.56%

Cost of equity (Re)11.14%(Rf 4.30% + β 1.24 × 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)85.88%

Debt weight (D/V)14.12%

Results

Current Price$152.08

Implied Near-term FCF Growth18.0%

Historical Revenue Growth4.1%

Historical Earnings Growth4.9%

Base FCF (TTM)$2.88B

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: $2.17

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$44.70

Current Price$152.08

Upside / Downside-70.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.88B

Target EV/EBITDA multipleCurrent: 16.6×

Net Debt($B)Default: $12.31B

Results

Implied Equity Value / share$152.10

Current Price$152.08

Upside / Downside+0.0%

Implied EV$97.79B

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

Mult \ Net Debt	$6.31B	$9.31B	$12.31B	$15.31B	$18.31B
12.6x	$120.94	$115.60	$110.27	$104.93	$99.59
14.6x	$141.86	$136.52	$131.18	$125.85	$120.51
16.6x	$162.78	$157.44	$152.10	$146.76	$141.43
18.6x	$183.70	$178.36	$173.02	$167.68	$162.34
20.6x	$204.61	$199.28	$193.94	$188.60	$183.26

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