EQIX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($974.26)
DCF	$393.30	-59.6%
Graham Number	$211.08	-78.3%
Reverse DCF	—	implied g: 19.8%
DDM	$396.14	-59.3%
EV/EBITDA	$974.50	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.83B

Near-term growth (yrs 1–5)(%)Rev: 8.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.22%

Computed WACC: 8.22%

Cost of equity (Re)10.17%(Rf 4.30% + β 1.07 × 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)80.81%

Debt weight (D/V)19.19%

Results

Intrinsic Value / share$478.62

Current Price$974.26

Upside / Downside-50.9%

Net Debt (used)$21.00B

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

WACC \ Near-term	0.1%	4.1%	8.1%	12.1%	16.1%
7.0%	$408.06	$531.26	$674.07	$838.78	$1027.87
8.0%	$294.29	$393.08	$507.43	$639.17	$790.25
9.0%	$215.60	$297.56	$392.30	$501.33	$626.22
10.0%	$157.96	$227.63	$308.07	$400.52	$506.33
11.0%	$113.92	$174.25	$243.81	$323.67	$414.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.74

Book Value / share($)Yahoo: $144.12

Results

Graham Number$211.08

Current Price$974.26

Margin of Safety-78.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.22%

Terminal growth rate(%)

Computed WACC: 8.22%

Cost of equity (Re)10.17%(Rf 4.30% + β 1.07 × 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)80.81%

Debt weight (D/V)19.19%

Results

Current Price$974.26

Implied Near-term FCF Growth17.2%

Historical Revenue Growth8.1%

Historical Earnings Growth—

Base FCF (TTM)$2.83B

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: $19.23

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$396.14

Current Price$974.26

Upside / Downside-59.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.07B

Target EV/EBITDA multipleCurrent: 28.7×

Net Debt($B)Default: $21.00B

Results

Implied Equity Value / share$974.50

Current Price$974.26

Upside / Downside+0.0%

Implied EV$116.75B

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

Mult \ Net Debt	$11.00B	$16.00B	$21.00B	$26.00B	$31.00B
24.7x	$910.50	$859.61	$808.73	$757.84	$706.95
26.7x	$993.39	$942.50	$891.61	$840.72	$789.84
28.7x	$1076.27	$1025.39	$974.50	$923.61	$872.72
30.7x	$1159.16	$1108.27	$1057.39	$1006.50	$955.61
32.7x	$1242.05	$1191.16	$1140.27	$1089.38	$1038.50

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