EXAS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($103.35)
DCF	$65.14	-37.0%
Graham Number	—	—
Reverse DCF	—	implied g: 30.7%
DDM	—	—
EV/EBITDA	$103.35	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $281.87M

Near-term growth (yrs 1–5)(%)Rev: 23.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.74%

Computed WACC: 10.74%

Cost of equity (Re)12.12%(Rf 4.30% + β 1.42 × 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)88.61%

Debt weight (D/V)11.39%

Results

Intrinsic Value / share$47.26

Current Price$103.35

Upside / Downside-54.3%

Net Debt (used)$1.57B

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

WACC \ Near-term	15.1%	19.1%	23.1%	27.1%	31.1%
7.0%	$72.89	$87.34	$103.82	$122.54	$143.72
8.0%	$56.53	$67.95	$80.96	$95.73	$112.43
9.0%	$45.30	$54.63	$65.26	$77.33	$90.96
10.0%	$37.13	$44.96	$53.86	$63.96	$75.37
11.0%	$30.94	$37.63	$45.23	$53.84	$63.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.10

Book Value / share($)Yahoo: $12.58

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$103.35

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.74%

Terminal growth rate(%)

Computed WACC: 10.74%

Cost of equity (Re)12.12%(Rf 4.30% + β 1.42 × 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)88.61%

Debt weight (D/V)11.39%

Results

Current Price$103.35

Implied Near-term FCF Growth36.3%

Historical Revenue Growth23.1%

Historical Earnings Growth—

Base FCF (TTM)$281.87M

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$103.35

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $71.46M

Target EV/EBITDA multipleCurrent: 298.1×

Net Debt($B)Default: $1.57B

Results

Implied Equity Value / share$103.35

Current Price$103.35

Upside / Downside-0.0%

Implied EV$21.30B

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

Mult \ Net Debt	$1.57B	$1.57B	$1.57B	$1.57B	$1.57B
294.1x	$101.85	$101.85	$101.85	$101.85	$101.85
296.1x	$102.60	$102.60	$102.60	$102.60	$102.60
298.1x	$103.35	$103.35	$103.35	$103.35	$103.35
300.1x	$104.10	$104.10	$104.10	$104.10	$104.10
302.1x	$104.85	$104.85	$104.85	$104.85	$104.85

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