ETN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($377.40)
DCF	$236.90	-37.2%
Graham Number	$108.51	-71.2%
Reverse DCF	—	implied g: 26.6%
DDM	$90.64	-76.0%
EV/EBITDA	$377.03	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.60B

Near-term growth (yrs 1–5)(%)Rev: 13.1% / EPS: 18.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.99%

Computed WACC: 9.99%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × 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)93.22%

Debt weight (D/V)6.78%

Results

Intrinsic Value / share$197.19

Current Price$377.40

Upside / Downside-47.8%

Net Debt (used)$9.88B

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

WACC \ Near-term	10.9%	14.9%	18.9%	22.9%	26.9%
7.0%	$258.22	$310.31	$369.98	$438.03	$515.32
8.0%	$202.28	$243.58	$290.85	$344.72	$405.88
9.0%	$163.79	$197.68	$236.45	$280.59	$330.66
10.0%	$135.75	$164.27	$196.85	$233.92	$275.95
11.0%	$114.47	$138.91	$166.81	$198.54	$234.48

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.45

Book Value / share($)Yahoo: $50.08

Results

Graham Number$108.51

Current Price$377.40

Margin of Safety-71.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.99%

Terminal growth rate(%)

Computed WACC: 9.99%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × 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)93.22%

Debt weight (D/V)6.78%

Results

Current Price$377.40

Implied Near-term FCF Growth29.7%

Historical Revenue Growth13.1%

Historical Earnings Growth18.9%

Base FCF (TTM)$2.60B

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: $4.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$90.64

Current Price$377.40

Upside / Downside-76.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.31B

Target EV/EBITDA multipleCurrent: 24.8×

Net Debt($B)Default: $9.88B

Results

Implied Equity Value / share$377.03

Current Price$377.40

Upside / Downside-0.1%

Implied EV$156.32B

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

Mult \ Net Debt	$5.88B	$7.88B	$9.88B	$11.88B	$13.88B
20.8x	$322.34	$317.19	$312.04	$306.89	$301.74
22.8x	$354.83	$349.68	$344.53	$339.38	$334.23
24.8x	$387.32	$382.17	$377.03	$371.88	$366.73
26.8x	$419.82	$414.67	$409.52	$404.37	$399.22
28.8x	$452.31	$447.16	$442.01	$436.86	$431.71

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