EQT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($61.64)
DCF	$748.05	+1113.6%
Graham Number	$53.24	-13.6%
Reverse DCF	—	implied g: 11.3%
DDM	$13.60	-77.9%
EV/EBITDA	$67.42	+9.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.83B

Near-term growth (yrs 1–5)(%)Rev: 26.9% / EPS: 54.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.89%

Computed WACC: 6.89%

Cost of equity (Re)8.30%(Rf 4.30% + β 0.73 × 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)82.94%

Debt weight (D/V)17.06%

Results

Intrinsic Value / share$1236.99

Current Price$61.64

Upside / Downside+1906.8%

Net Debt (used)$7.80B

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

WACC \ Near-term	46.6%	50.6%	54.6%	58.6%	62.6%
7.0%	$919.76	$1052.35	$1199.70	$1363.00	$1543.52
8.0%	$713.78	$816.74	$931.13	$1057.88	$1197.97
9.0%	$573.36	$656.12	$748.05	$849.90	$962.45
10.0%	$472.11	$540.32	$616.07	$699.97	$792.68
11.0%	$396.08	$453.37	$516.98	$587.42	$665.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.31

Book Value / share($)Yahoo: $38.06

Results

Graham Number$53.24

Current Price$61.64

Margin of Safety-13.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.89%

Terminal growth rate(%)

Computed WACC: 6.89%

Cost of equity (Re)8.30%(Rf 4.30% + β 0.73 × 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)82.94%

Debt weight (D/V)17.06%

Results

Current Price$61.64

Implied Near-term FCF Growth4.5%

Historical Revenue Growth26.9%

Historical Earnings Growth54.6%

Base FCF (TTM)$1.83B

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: $0.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.60

Current Price$61.64

Upside / Downside-77.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.09B

Target EV/EBITDA multipleCurrent: 8.2×

Net Debt($B)Default: $7.80B

Results

Implied Equity Value / share$67.42

Current Price$61.64

Upside / Downside+9.4%

Implied EV$49.89B

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

Mult \ Net Debt	$3.80B	$5.80B	$7.80B	$9.80B	$11.80B
4.2x	$34.80	$31.59	$28.39	$25.19	$21.98
6.2x	$54.31	$51.11	$47.90	$44.70	$41.50
8.2x	$73.82	$70.62	$67.42	$64.21	$61.01
10.2x	$93.34	$90.13	$86.93	$83.73	$80.52
12.2x	$112.85	$109.65	$106.45	$103.24	$100.04

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