ETR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.63)
DCF	$-231.03	-316.7%
Graham Number	$57.37	-46.2%
Reverse DCF	—	—
DDM	$51.09	-52.1%
EV/EBITDA	$107.32	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.62B

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: -20.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.12%

Computed WACC: 6.12%

Cost of equity (Re)7.61%(Rf 4.30% + β 0.60 × ERP 5.50%)

Cost of debt (Rd)4.85%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.66%

Debt weight (D/V)39.34%

Results

Intrinsic Value / share$-369.84

Current Price$106.63

Upside / Downside-446.8%

Net Debt (used)$29.40B

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

WACC \ Near-term	-0.1%	3.9%	7.9%	11.9%	15.9%
7.0%	$-235.49	$-269.35	$-308.61	$-353.90	$-405.90
8.0%	$-204.30	$-231.45	$-262.89	$-299.12	$-340.67
9.0%	$-182.73	$-205.26	$-231.30	$-261.28	$-295.64
10.0%	$-166.92	$-186.08	$-208.19	$-233.62	$-262.72
11.0%	$-154.85	$-171.43	$-190.56	$-212.52	$-237.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.91

Book Value / share($)Yahoo: $37.41

Results

Graham Number$57.37

Current Price$106.63

Margin of Safety-46.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.12%

Terminal growth rate(%)

Computed WACC: 6.12%

Cost of equity (Re)7.61%(Rf 4.30% + β 0.60 × ERP 5.50%)

Cost of debt (Rd)4.85%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)60.66%

Debt weight (D/V)39.34%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$106.63

Implied Near-term FCF Growth—

Historical Revenue Growth7.9%

Historical Earnings Growth-20.8%

Base FCF (TTM)-$3.62B

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: $2.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.09

Current Price$106.63

Upside / Downside-52.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.58B

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $29.40B

Results

Implied Equity Value / share$107.32

Current Price$106.63

Upside / Downside+0.6%

Implied EV$78.01B

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

Mult \ Net Debt	$15.40B	$22.40B	$29.40B	$36.40B	$43.40B
10.0x	$88.96	$73.51	$58.05	$42.60	$27.15
12.0x	$113.59	$98.14	$82.68	$67.23	$51.78
14.0x	$138.22	$122.77	$107.32	$91.86	$76.41
16.0x	$162.86	$147.40	$131.95	$116.50	$101.04
18.0x	$187.49	$172.03	$156.58	$141.13	$125.68

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