ENB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($53.14)
DCF	$-72476.78	-136488.4%
Graham Number	$31.39	-40.9%
Reverse DCF	—	—
DDM	$58.71	+10.5%
EV/EBITDA	$57.91	+9.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$239.25M

Near-term growth (yrs 1–5)(%)Rev: 5.9% / EPS: 294.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.69%

Computed WACC: 4.69%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)52.15%

Debt weight (D/V)47.85%

Results

Intrinsic Value / share$-299579.87

Current Price$53.14

Upside / Downside-563855.9%

Net Debt (used)$105.20B

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

WACC \ Near-term	286.9%	290.9%	294.9%	298.9%	302.9%
7.0%	$-109937.55	$-115736.36	$-121777.42	$-128068.26	$-134616.54
8.0%	$-83324.38	$-87718.74	$-92296.69	$-97063.91	$-102026.21
9.0%	$-65367.32	$-68814.04	$-72404.76	$-76143.93	$-80036.12
10.0%	$-52566.59	$-55337.79	$-58224.77	$-61231.10	$-64360.45
11.0%	$-43072.69	$-45342.89	$-47707.92	$-50170.73	$-52734.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.35

Book Value / share($)Yahoo: $18.64

Results

Graham Number$31.39

Current Price$53.14

Margin of Safety-40.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.69%

Terminal growth rate(%)

Computed WACC: 4.69%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)52.15%

Debt weight (D/V)47.85%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$53.14

Implied Near-term FCF Growth—

Historical Revenue Growth5.9%

Historical Earnings Growth294.9%

Base FCF (TTM)-$239.25M

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: $2.85

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$58.71

Current Price$53.14

Upside / Downside+10.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $17.48B

Target EV/EBITDA multipleCurrent: 13.2×

Net Debt($B)Default: $105.20B

Results

Implied Equity Value / share$57.91

Current Price$53.14

Upside / Downside+9.0%

Implied EV$231.55B

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

Mult \ Net Debt	$53.20B	$79.20B	$105.20B	$131.20B	$157.20B
9.2x	$49.69	$37.78	$25.86	$13.94	$2.03
11.2x	$65.72	$53.80	$41.89	$29.97	$18.05
13.2x	$81.74	$69.83	$57.91	$45.99	$34.08
15.2x	$97.77	$85.85	$73.94	$62.02	$50.10
17.2x	$113.79	$101.88	$89.96	$78.04	$66.13

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