EXC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.17)
DCF	$-84.97	-272.8%
Graham Number	$41.59	-15.4%
Reverse DCF	—	—
DDM	$34.61	-29.6%
EV/EBITDA	$49.17	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.12B

Near-term growth (yrs 1–5)(%)Rev: -1.1% / EPS: -9.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.71%

Computed WACC: 3.71%

Cost of equity (Re)7.41%(Rf 4.30% + β 0.57 × 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)50.02%

Debt weight (D/V)49.98%

Results

Intrinsic Value / share$-246.42

Current Price$49.17

Upside / Downside-601.2%

Net Debt (used)$49.62B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-85.28	$-92.72	$-101.37	$-111.38	$-122.91
8.0%	$-78.74	$-84.72	$-91.68	$-99.71	$-108.96
9.0%	$-74.20	$-79.19	$-84.97	$-91.64	$-99.31
10.0%	$-70.88	$-75.13	$-80.05	$-85.73	$-92.24
11.0%	$-68.33	$-72.02	$-76.29	$-81.21	$-86.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.73

Book Value / share($)Yahoo: $28.16

Results

Graham Number$41.59

Current Price$49.17

Margin of Safety-15.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.71%

Terminal growth rate(%)

Computed WACC: 3.71%

Cost of equity (Re)7.41%(Rf 4.30% + β 0.57 × 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)50.02%

Debt weight (D/V)49.98%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$49.17

Implied Near-term FCF Growth—

Historical Revenue Growth-1.1%

Historical Earnings Growth-9.3%

Base FCF (TTM)-$2.12B

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: $1.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$34.61

Current Price$49.17

Upside / Downside-29.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $8.14B

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: $49.62B

Results

Implied Equity Value / share$49.17

Current Price$49.17

Upside / Downside+0.0%

Implied EV$99.92B

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

Mult \ Net Debt	$25.62B	$37.62B	$49.62B	$61.62B	$73.62B
8.3x	$40.80	$29.07	$17.33	$5.60	$-6.13
10.3x	$56.72	$44.98	$33.25	$21.52	$9.79
12.3x	$72.64	$60.90	$49.17	$37.44	$25.71
14.3x	$88.56	$76.82	$65.09	$53.36	$41.63
16.3x	$104.47	$92.74	$81.01	$69.28	$57.55

← Overview Financial Statements ← Companies