EW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.18)
DCF	$63.45	-27.2%
Graham Number	$27.00	-69.0%
Reverse DCF	—	implied g: 19.4%
DDM	—	—
EV/EBITDA	$87.25	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.17B

Near-term growth (yrs 1–5)(%)Rev: 13.3% / EPS: -76.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.34%

Computed WACC: 9.34%

Cost of equity (Re)9.47%(Rf 4.30% + β 0.94 × 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)98.64%

Debt weight (D/V)1.36%

Results

Intrinsic Value / share$60.43

Current Price$87.18

Upside / Downside-30.7%

Net Debt (used)-$3.52B

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

WACC \ Near-term	5.3%	9.3%	13.3%	17.3%	21.3%
7.0%	$66.69	$78.28	$91.64	$106.97	$124.46
8.0%	$55.13	$64.37	$75.01	$87.20	$101.11
9.0%	$47.16	$54.79	$63.55	$73.58	$85.02
10.0%	$41.34	$47.79	$55.19	$63.65	$73.30
11.0%	$36.91	$42.46	$48.83	$56.11	$64.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.82

Book Value / share($)Yahoo: $17.80

Results

Graham Number$27.00

Current Price$87.18

Margin of Safety-69.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.34%

Terminal growth rate(%)

Computed WACC: 9.34%

Cost of equity (Re)9.47%(Rf 4.30% + β 0.94 × 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)98.64%

Debt weight (D/V)1.36%

Results

Current Price$87.18

Implied Near-term FCF Growth20.4%

Historical Revenue Growth13.3%

Historical Earnings Growth-76.6%

Base FCF (TTM)$1.17B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$87.18

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.79B

Target EV/EBITDA multipleCurrent: 26.3×

Net Debt($B)Default: -$3.52B

Results

Implied Equity Value / share$87.25

Current Price$87.18

Upside / Downside+0.1%

Implied EV$47.11B

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

Mult \ Net Debt	-$5.52B	-$4.52B	-$3.52B	-$2.52B	-$1.52B
22.3x	$78.33	$76.61	$74.88	$73.16	$71.44
24.3x	$84.52	$82.79	$81.07	$79.35	$77.62
26.3x	$90.70	$88.98	$87.25	$85.53	$83.81
28.3x	$96.89	$95.16	$93.44	$91.72	$89.99
30.3x	$103.07	$101.35	$99.62	$97.90	$96.18

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