EPD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.89)
DCF	$-15.62	-142.4%
Graham Number	$28.43	-22.9%
Reverse DCF	—	—
DDM	$44.91	+21.7%
EV/EBITDA	$37.30	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: 2.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.27%

Computed WACC: 5.27%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × 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)70.14%

Debt weight (D/V)29.86%

Results

Intrinsic Value / share$-15.62

Current Price$36.89

Upside / Downside-142.4%

Net Debt (used)$33.80B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-15.62	$-15.62	$-15.62	$-15.62	$-15.62
8.0%	$-15.62	$-15.62	$-15.62	$-15.62	$-15.62
9.0%	$-15.62	$-15.62	$-15.62	$-15.62	$-15.62
10.0%	$-15.62	$-15.62	$-15.62	$-15.62	$-15.62
11.0%	$-15.62	$-15.62	$-15.62	$-15.62	$-15.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.66

Book Value / share($)Yahoo: $13.50

Results

Graham Number$28.43

Current Price$36.89

Margin of Safety-22.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.27%

Terminal growth rate(%)

Computed WACC: 5.27%

Cost of equity (Re)7.51%(Rf 4.30% + β 0.58 × 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)70.14%

Debt weight (D/V)29.86%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$36.89

Implied Near-term FCF Growth—

Historical Revenue Growth-2.9%

Historical Earnings Growth2.2%

Base FCF (TTM)—

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: $2.18

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$44.91

Current Price$36.89

Upside / Downside+21.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $9.54B

Target EV/EBITDA multipleCurrent: 12.0×

Net Debt($B)Default: $33.80B

Results

Implied Equity Value / share$37.30

Current Price$36.89

Upside / Downside+1.1%

Implied EV$114.49B

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

Mult \ Net Debt	$17.80B	$25.80B	$33.80B	$41.80B	$49.80B
8.0x	$27.06	$23.36	$19.66	$15.96	$12.27
10.0x	$35.88	$32.18	$28.48	$24.78	$21.09
12.0x	$44.70	$41.00	$37.30	$33.60	$29.91
14.0x	$53.52	$49.82	$46.12	$42.42	$38.73
16.0x	$62.34	$58.64	$54.94	$51.24	$47.55

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