ES — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($74.42)
DCF	$35271534.41	+47395135.7%
Graham Number	$66.53	-10.6%
Reverse DCF	—	implied g: 30.9%
DDM	$64.89	-12.8%
EV/EBITDA	$74.83	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $761.49M

Near-term growth (yrs 1–5)(%)Rev: 13.4% / EPS: 466.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.16%

Computed WACC: 4.16%

Cost of equity (Re)8.66%(Rf 4.30% + β 0.79 × 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)48.02%

Debt weight (D/V)51.98%

Results

Intrinsic Value / share$203469390.56

Current Price$74.42

Upside / Downside+273406767.2%

Net Debt (used)$30.11B

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

WACC \ Near-term	458.2%	462.2%	466.2%	470.2%	474.2%
7.0%	$55559731.31	$57579127.20	$59656819.03	$61794059.95	$63992120.95
8.0%	$41992421.89	$43518692.15	$45089022.71	$46704360.70	$48365666.73
9.0%	$32849178.61	$34043123.18	$35271534.41	$36535153.21	$37834731.02
10.0%	$26340140.96	$27297504.36	$28282504.75	$29295736.22	$30337801.33
11.0%	$21519552.97	$22301704.65	$23106435.29	$23934230.24	$24785581.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.56

Book Value / share($)Yahoo: $43.15

Results

Graham Number$66.53

Current Price$74.42

Margin of Safety-10.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.16%

Terminal growth rate(%)

Computed WACC: 4.16%

Cost of equity (Re)8.66%(Rf 4.30% + β 0.79 × 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)48.02%

Debt weight (D/V)51.98%

Results

Current Price$74.42

Implied Near-term FCF Growth6.4%

Historical Revenue Growth13.4%

Historical Earnings Growth466.2%

Base FCF (TTM)$761.49M

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: $3.15

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$64.89

Current Price$74.42

Upside / Downside-12.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.70B

Target EV/EBITDA multipleCurrent: 12.4×

Net Debt($B)Default: $30.11B

Results

Implied Equity Value / share$74.83

Current Price$74.42

Upside / Downside+0.6%

Implied EV$58.21B

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

Mult \ Net Debt	$14.11B	$22.11B	$30.11B	$38.11B	$46.11B
8.4x	$67.41	$46.11	$24.80	$3.50	$-17.81
10.4x	$92.43	$71.12	$49.82	$28.51	$7.21
12.4x	$117.44	$96.14	$74.83	$53.53	$32.22
14.4x	$142.46	$121.15	$99.85	$78.54	$57.24
16.4x	$167.47	$146.17	$124.86	$103.56	$82.25

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