EPR-PG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.94)
DCF	$37.59	+79.5%
Graham Number	$32.28	+54.2%
Reverse DCF	—	implied g: 1.0%
DDM	$29.66	+41.7%
EV/EBITDA	$21.59	+3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $332.53M

Near-term growth (yrs 1–5)(%)Rev: 3.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.26%

Computed WACC: 7.26%

Cost of equity (Re)9.56%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)4.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.15%

Debt weight (D/V)38.85%

Results

Intrinsic Value / share$66.65

Current Price$20.94

Upside / Downside+218.3%

Net Debt (used)$3.04B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$38.27	$54.29	$72.92	$94.49	$119.33
8.0%	$24.17	$37.07	$52.04	$69.35	$89.26
9.0%	$14.41	$25.14	$37.59	$51.97	$68.48
10.0%	$7.24	$16.40	$27.00	$39.23	$53.26
11.0%	$1.75	$9.71	$18.91	$29.50	$41.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.51

Book Value / share($)Yahoo: $30.59

Results

Graham Number$32.28

Current Price$20.94

Margin of Safety+54.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.26%

Terminal growth rate(%)

Computed WACC: 7.26%

Cost of equity (Re)9.56%(Rf 4.30% + β 0.96 × ERP 5.50%)

Cost of debt (Rd)4.60%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.15%

Debt weight (D/V)38.85%

Results

Current Price$20.94

Implied Near-term FCF Growth-3.9%

Historical Revenue Growth3.9%

Historical Earnings Growth—

Base FCF (TTM)$332.53M

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$20.94

Upside / Downside+41.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $549.88M

Target EV/EBITDA multipleCurrent: 8.5×

Net Debt($B)Default: $3.04B

Results

Implied Equity Value / share$21.59

Current Price$20.94

Upside / Downside+3.1%

Implied EV$4.65B

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

Mult \ Net Debt	$1.04B	$2.04B	$3.04B	$4.04B	$5.04B
4.5x	$18.91	$5.46	$-7.99	$-21.45	$-34.90
6.5x	$33.70	$20.25	$6.80	$-6.65	$-20.10
8.5x	$48.50	$35.05	$21.59	$8.14	$-5.31
10.5x	$63.29	$49.84	$36.39	$22.94	$9.49
12.5x	$78.09	$64.64	$51.18	$37.73	$24.28

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