EPRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.59)
DCF	$68.18	+97.1%
Graham Number	$24.02	-30.6%
Reverse DCF	—	implied g: 15.6%
DDM	$25.54	-26.2%
EV/EBITDA	$34.63	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $300.77M

Near-term growth (yrs 1–5)(%)Rev: 25.2% / EPS: 11.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.24%

Computed WACC: 7.24%

Cost of equity (Re)9.77%(Rf 4.30% + β 0.99 × 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)74.08%

Debt weight (D/V)25.92%

Results

Intrinsic Value / share$103.64

Current Price$34.59

Upside / Downside+199.6%

Net Debt (used)$2.49B

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

WACC \ Near-term	17.2%	21.2%	25.2%	29.2%	33.2%
7.0%	$77.26	$92.89	$110.67	$130.84	$153.61
8.0%	$59.13	$71.45	$85.47	$101.36	$119.29
9.0%	$46.68	$56.74	$68.18	$81.14	$95.76
10.0%	$37.63	$46.06	$55.63	$66.46	$78.67
11.0%	$30.79	$37.97	$46.13	$55.36	$65.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.28

Book Value / share($)Yahoo: $20.03

Results

Graham Number$24.02

Current Price$34.59

Margin of Safety-30.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.24%

Terminal growth rate(%)

Computed WACC: 7.24%

Cost of equity (Re)9.77%(Rf 4.30% + β 0.99 × 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)74.08%

Debt weight (D/V)25.92%

Results

Current Price$34.59

Implied Near-term FCF Growth9.8%

Historical Revenue Growth25.2%

Historical Earnings Growth11.1%

Base FCF (TTM)$300.77M

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: $1.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.54

Current Price$34.59

Upside / Downside-26.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $512.54M

Target EV/EBITDA multipleCurrent: 19.0×

Net Debt($B)Default: $2.49B

Results

Implied Equity Value / share$34.63

Current Price$34.59

Upside / Downside+0.1%

Implied EV$9.75B

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

Mult \ Net Debt	$486.59M	$1.49B	$2.49B	$3.49B	$4.49B
15.0x	$34.39	$29.62	$24.86	$20.09	$15.33
17.0x	$39.27	$34.51	$29.74	$24.98	$20.21
19.0x	$44.16	$39.39	$34.63	$29.86	$25.10
21.0x	$49.04	$44.28	$39.51	$34.75	$29.98
23.0x	$53.92	$49.16	$44.40	$39.63	$34.87

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