EVTC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.62)
DCF	$37.65	+31.6%
Graham Number	$22.32	-22.0%
Reverse DCF	—	implied g: 9.7%
DDM	$4.12	-85.6%
EV/EBITDA	$29.85	+4.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $111.95M

Near-term growth (yrs 1–5)(%)Rev: 13.1% / EPS: -9.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.62%

Computed WACC: 5.62%

Cost of equity (Re)9.09%(Rf 4.30% + β 0.87 × 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)61.81%

Debt weight (D/V)38.19%

Results

Intrinsic Value / share$98.75

Current Price$28.62

Upside / Downside+245.0%

Net Debt (used)$825.31M

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

WACC \ Near-term	5.1%	9.1%	13.1%	17.1%	21.1%
7.0%	$40.47	$50.78	$62.67	$76.30	$91.87
8.0%	$30.22	$38.44	$47.91	$58.75	$71.13
9.0%	$23.16	$29.94	$37.74	$46.67	$56.85
10.0%	$17.99	$23.73	$30.31	$37.85	$46.44
11.0%	$14.06	$19.00	$24.67	$31.15	$38.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.20

Book Value / share($)Yahoo: $10.06

Results

Graham Number$22.32

Current Price$28.62

Margin of Safety-22.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.62%

Terminal growth rate(%)

Computed WACC: 5.62%

Cost of equity (Re)9.09%(Rf 4.30% + β 0.87 × 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)61.81%

Debt weight (D/V)38.19%

Results

Current Price$28.62

Implied Near-term FCF Growth-2.0%

Historical Revenue Growth13.1%

Historical Earnings Growth-9.7%

Base FCF (TTM)$111.95M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$28.62

Upside / Downside-85.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $308.53M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $825.31M

Results

Implied Equity Value / share$29.85

Current Price$28.62

Upside / Downside+4.3%

Implied EV$2.67B

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

Mult \ Net Debt	-$1.17B	-$174.69M	$825.31M	$1.83B	$2.83B
4.6x	$42.25	$26.05	$9.86	$-6.33	$-22.52
6.6x	$52.24	$36.05	$19.85	$3.66	$-12.53
8.6x	$62.23	$46.04	$29.85	$13.65	$-2.54
10.6x	$72.22	$56.03	$39.84	$23.64	$7.45
12.6x	$82.21	$66.02	$49.83	$33.64	$17.44

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