ENR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.59)
DCF	$2.31	-89.3%
Graham Number	$11.74	-45.6%
Reverse DCF	—	implied g: 12.2%
DDM	$24.72	+14.5%
EV/EBITDA	$21.59	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $175.75M

Near-term growth (yrs 1–5)(%)Rev: 6.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.90%

Computed WACC: 4.90%

Cost of equity (Re)7.78%(Rf 4.30% + β 0.63 × ERP 5.50%)

Cost of debt (Rd)4.62%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)30.17%

Debt weight (D/V)69.83%

Results

Intrinsic Value / share$89.26

Current Price$21.59

Upside / Downside+313.4%

Net Debt (used)$3.21B

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

WACC \ Near-term	-1.5%	2.5%	6.5%	10.5%	14.5%
7.0%	$3.24	$13.29	$24.95	$38.43	$53.93
8.0%	$-5.81	$2.26	$11.61	$22.41	$34.81
9.0%	$-12.08	$-5.37	$2.39	$11.34	$21.61
10.0%	$-16.67	$-10.97	$-4.36	$3.24	$11.95
11.0%	$-20.19	$-15.24	$-9.52	$-2.94	$4.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.97

Book Value / share($)Yahoo: $2.06

Results

Graham Number$11.74

Current Price$21.59

Margin of Safety-45.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.90%

Terminal growth rate(%)

Computed WACC: 4.90%

Cost of equity (Re)7.78%(Rf 4.30% + β 0.63 × ERP 5.50%)

Cost of debt (Rd)4.62%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)30.17%

Debt weight (D/V)69.83%

Results

Current Price$21.59

Implied Near-term FCF Growth-3.6%

Historical Revenue Growth6.5%

Historical Earnings Growth—

Base FCF (TTM)$175.75M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$21.59

Upside / Downside+14.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $623.80M

Target EV/EBITDA multipleCurrent: 7.5×

Net Debt($B)Default: $3.21B

Results

Implied Equity Value / share$21.59

Current Price$21.59

Upside / Downside-0.0%

Implied EV$4.69B

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

Mult \ Net Debt	$1.21B	$2.21B	$3.21B	$4.21B	$5.21B
3.5x	$14.36	$-0.25	$-14.85	$-29.46	$-44.07
5.5x	$32.58	$17.97	$3.37	$-11.24	$-25.84
7.5x	$50.80	$36.19	$21.59	$6.98	$-7.62
9.5x	$69.02	$54.41	$39.81	$25.20	$10.60
11.5x	$87.24	$72.64	$58.03	$43.43	$28.82

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