ENS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($165.97)
DCF	$175.50	+5.7%
Graham Number	$96.70	-41.7%
Reverse DCF	—	implied g: 4.1%
DDM	$21.63	-87.0%
EV/EBITDA	$166.07	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $409.94M

Near-term growth (yrs 1–5)(%)Rev: 1.4% / EPS: -16.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.81%

Computed WACC: 8.81%

Cost of equity (Re)10.50%(Rf 4.30% + β 1.13 × 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)83.85%

Debt weight (D/V)16.15%

Results

Intrinsic Value / share$181.45

Current Price$165.97

Upside / Downside+9.3%

Net Debt (used)$729.47M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$177.18	$217.01	$263.35	$316.99	$378.76
8.0%	$142.13	$174.19	$211.43	$254.48	$304.00
9.0%	$117.84	$144.54	$175.50	$211.24	$252.31
10.0%	$100.01	$122.79	$149.16	$179.57	$214.47
11.0%	$86.36	$106.15	$129.03	$155.38	$185.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.07

Book Value / share($)Yahoo: $51.50

Results

Graham Number$96.70

Current Price$165.97

Margin of Safety-41.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.81%

Terminal growth rate(%)

Computed WACC: 8.81%

Cost of equity (Re)10.50%(Rf 4.30% + β 1.13 × 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)83.85%

Debt weight (D/V)16.15%

Results

Current Price$165.97

Implied Near-term FCF Growth3.6%

Historical Revenue Growth1.4%

Historical Earnings Growth-16.7%

Base FCF (TTM)$409.94M

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: $1.05

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.63

Current Price$165.97

Upside / Downside-87.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $589.04M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $729.47M

Results

Implied Equity Value / share$166.07

Current Price$165.97

Upside / Downside+0.1%

Implied EV$6.85B

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

Mult \ Net Debt	-$1.27B	-$270.53M	$729.47M	$1.73B	$2.73B
7.6x	$156.41	$129.27	$102.13	$75.00	$47.86
9.6x	$188.37	$161.24	$134.10	$106.97	$79.83
11.6x	$220.34	$193.21	$166.07	$138.93	$111.80
13.6x	$252.31	$225.18	$198.04	$170.90	$143.77
15.6x	$284.28	$257.14	$230.01	$202.87	$175.74

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