ETI-P — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.64)
DCF	$-32974521807.81	-139486132958.7%
Graham Number	$853.85	+3511.9%
Reverse DCF	—	—
DDM	$27.60	+16.8%
EV/EBITDA	$50087160.96	+211874523.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$945.66M

Near-term growth (yrs 1–5)(%)Rev: 4.9% / EPS: 14.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Default: 9% (no SEC data)

Results

Intrinsic Value / share$-32974521807.81

Current Price$23.64

Upside / Downside-139486132958.7%

Net Debt (used)$3.63B

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

WACC \ Near-term	6.8%	10.8%	14.8%	18.8%	22.8%
7.0%	$-34805275099.33	$-40704072408.57	$-47490116925.18	$-55261387044.78	$-64122863711.27
8.0%	$-28803704827.50	$-33498522583.98	$-38894264681.45	$-45068048842.73	$-52102492363.86
9.0%	$-24667381264.27	$-28534446060.40	$-32974521807.81	$-38050417853.49	$-43829412838.15
10.0%	$-21648919350.69	$-24913624204.03	$-28658410511.08	$-32935703034.07	$-37801648585.35
11.0%	$-19352747894.95	$-22160657810.51	$-25378306150.31	$-29050265847.57	$-33224267310.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.90

Book Value / share($)Yahoo: $8299.92

Results

Graham Number$853.85

Current Price$23.64

Margin of Safety+3511.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Default: 9% (no SEC data)

Terminal growth rate(%)

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$23.64

Implied Near-term FCF Growth—

Historical Revenue Growth4.9%

Historical Earnings Growth14.8%

Base FCF (TTM)-$945.66M

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: $1.34

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.60

Current Price$23.64

Upside / Downside+16.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $784.45M

Target EV/EBITDA multipleCurrent: 4.7×

Net Debt($B)Default: $3.63B

Results

Implied Equity Value / share$50087160.96

Current Price$23.64

Upside / Downside+211874523.4%

Implied EV$3.68B

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

Mult \ Net Debt	$1.63B	$2.63B	$3.63B	$4.63B	$5.63B
0.7x	$-1087728903.04	$-2087728903.04	$-3087728903.04	$-4087728903.04	$-5087728903.04
2.7x	$481179128.96	$-518820871.04	$-1518820871.04	$-2518820871.04	$-3518820871.04
4.7x	$2050087160.96	$1050087160.96	$50087160.96	$-949912839.04	$-1949912839.04
6.7x	$3618995192.96	$2618995192.96	$1618995192.96	$618995192.96	$-381004807.04
8.7x	$5187903224.96	$4187903224.96	$3187903224.96	$2187903224.96	$1187903224.96

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