ETD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.57)
DCF	$21.77	-3.5%
Graham Number	$26.97	+19.5%
Reverse DCF	—	implied g: 5.6%
DDM	$32.14	+42.4%
EV/EBITDA	$22.57	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $30.55M

Near-term growth (yrs 1–5)(%)Rev: -4.7% / EPS: -21.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.92%

Computed WACC: 8.92%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)0.20%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.52%

Debt weight (D/V)17.48%

Results

Intrinsic Value / share$22.04

Current Price$22.57

Upside / Downside-2.4%

Net Debt (used)-$17.69M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$21.95	$26.25	$31.25	$37.04	$43.70
8.0%	$18.17	$21.63	$25.65	$30.29	$35.64
9.0%	$15.55	$18.43	$21.77	$25.63	$30.06
10.0%	$13.62	$16.08	$18.93	$22.21	$25.97
11.0%	$12.15	$14.29	$16.76	$19.60	$22.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.72

Book Value / share($)Yahoo: $18.79

Results

Graham Number$26.97

Current Price$22.57

Margin of Safety+19.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.92%

Terminal growth rate(%)

Computed WACC: 8.92%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × ERP 5.50%)

Cost of debt (Rd)0.20%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.52%

Debt weight (D/V)17.48%

Results

Current Price$22.57

Implied Near-term FCF Growth5.4%

Historical Revenue Growth-4.7%

Historical Earnings Growth-21.8%

Base FCF (TTM)$30.55M

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: $1.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.14

Current Price$22.57

Upside / Downside+42.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $65.63M

Target EV/EBITDA multipleCurrent: 8.5×

Net Debt($B)Default: -$17.69M

Results

Implied Equity Value / share$22.57

Current Price$22.57

Upside / Downside-0.0%

Implied EV$556.57M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$17.69M	$982.31M	$1.98B
4.5x	$90.85	$51.55	$12.25	$-27.05	$-66.35
6.5x	$96.01	$56.71	$17.41	$-21.89	$-61.19
8.5x	$101.16	$61.87	$22.57	$-16.73	$-56.03
10.5x	$106.32	$67.02	$27.73	$-11.57	$-50.87
12.5x	$111.48	$72.18	$32.88	$-6.41	$-45.71

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