EXE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($108.59)
DCF	$535.96	+393.5%
Graham Number	$115.00	+5.9%
Reverse DCF	—	implied g: 11.7%
DDM	$65.71	-39.5%
EV/EBITDA	$108.49	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.18B

Near-term growth (yrs 1–5)(%)Rev: 38.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.77%

Computed WACC: 5.77%

Cost of equity (Re)6.90%(Rf 4.30% + β 0.47 × 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)83.64%

Debt weight (D/V)16.36%

Results

Intrinsic Value / share$1236.32

Current Price$108.59

Upside / Downside+1038.5%

Net Debt (used)$4.49B

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

WACC \ Near-term	30.3%	34.3%	38.3%	42.3%	46.3%
7.0%	$628.42	$731.54	$847.54	$977.59	$1122.94
8.0%	$490.54	$571.20	$661.91	$763.57	$877.16
9.0%	$396.24	$461.56	$534.99	$617.26	$709.15
10.0%	$328.01	$382.24	$443.18	$511.44	$587.66
11.0%	$276.58	$322.47	$374.01	$431.72	$496.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.57

Book Value / share($)Yahoo: $77.65

Results

Graham Number$115.00

Current Price$108.59

Margin of Safety+5.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.77%

Terminal growth rate(%)

Computed WACC: 5.77%

Cost of equity (Re)6.90%(Rf 4.30% + β 0.47 × 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)83.64%

Debt weight (D/V)16.36%

Results

Current Price$108.59

Implied Near-term FCF Growth0.4%

Historical Revenue Growth38.3%

Historical Earnings Growth—

Base FCF (TTM)$1.18B

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: $3.19

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$65.71

Current Price$108.59

Upside / Downside-39.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.62B

Target EV/EBITDA multipleCurrent: 5.4×

Net Debt($B)Default: $4.49B

Results

Implied Equity Value / share$108.49

Current Price$108.59

Upside / Downside-0.1%

Implied EV$30.57B

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

Mult \ Net Debt	$2.49B	$3.49B	$4.49B	$5.49B	$6.49B
1.4x	$23.38	$19.23	$15.07	$10.91	$6.75
3.4x	$70.10	$65.94	$61.78	$57.62	$53.46
5.4x	$116.81	$112.65	$108.49	$104.33	$100.17
7.4x	$163.53	$159.37	$155.21	$151.05	$146.89
9.4x	$210.24	$206.08	$201.92	$197.76	$193.60

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