ESRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.74)
DCF	$-13.37	-333.0%
Graham Number	$7.75	+35.1%
Reverse DCF	—	—
DDM	$2.88	-49.8%
EV/EBITDA	$5.91	+3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 0.8% / EPS: 77.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.89%

Computed WACC: 4.89%

Cost of equity (Re)11.77%(Rf 4.30% + β 1.36 × 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)41.56%

Debt weight (D/V)58.44%

Results

Intrinsic Value / share$-13.37

Current Price$5.74

Upside / Downside-333.0%

Net Debt (used)$2.27B

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

WACC \ Near-term	69.7%	73.7%	77.7%	81.7%	85.7%
7.0%	$-13.37	$-13.37	$-13.37	$-13.37	$-13.37
8.0%	$-13.37	$-13.37	$-13.37	$-13.37	$-13.37
9.0%	$-13.37	$-13.37	$-13.37	$-13.37	$-13.37
10.0%	$-13.37	$-13.37	$-13.37	$-13.37	$-13.37
11.0%	$-13.37	$-13.37	$-13.37	$-13.37	$-13.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.25

Book Value / share($)Yahoo: $10.69

Results

Graham Number$7.75

Current Price$5.74

Margin of Safety+35.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.89%

Terminal growth rate(%)

Computed WACC: 4.89%

Cost of equity (Re)11.77%(Rf 4.30% + β 1.36 × 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)41.56%

Debt weight (D/V)58.44%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$5.74

Implied Near-term FCF Growth—

Historical Revenue Growth0.8%

Historical Earnings Growth77.7%

Base FCF (TTM)—

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: $0.14

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.88

Current Price$5.74

Upside / Downside-49.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $311.69M

Target EV/EBITDA multipleCurrent: 10.5×

Net Debt($B)Default: $2.27B

Results

Implied Equity Value / share$5.91

Current Price$5.74

Upside / Downside+3.0%

Implied EV$3.27B

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

Mult \ Net Debt	$267.02M	$1.27B	$2.27B	$3.27B	$4.27B
6.5x	$10.36	$4.46	$-1.44	$-7.34	$-13.24
8.5x	$14.03	$8.14	$2.24	$-3.66	$-9.56
10.5x	$17.71	$11.81	$5.91	$0.02	$-5.88
12.5x	$21.39	$15.49	$9.59	$3.69	$-2.21
14.5x	$25.07	$19.17	$13.27	$7.37	$1.47

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