EXEL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.03)
DCF	$2465.98	+5910.2%
Graham Number	$22.69	-44.7%
Reverse DCF	—	implied g: 2.9%
DDM	—	—
EV/EBITDA	$41.03	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $631.16M

Near-term growth (yrs 1–5)(%)Rev: 5.6% / EPS: 84.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.43%

Computed WACC: 6.43%

Cost of equity (Re)6.55%(Rf 4.30% + β 0.41 × 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)98.21%

Debt weight (D/V)1.79%

Results

Intrinsic Value / share$4750.44

Current Price$41.03

Upside / Downside+11478.0%

Net Debt (used)-$858.17M

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

WACC \ Near-term	76.2%	80.2%	84.2%	88.2%	92.2%
7.0%	$3214.07	$3593.60	$4008.27	$4460.45	$4952.64
8.0%	$2478.44	$2770.63	$3089.85	$3437.94	$3816.80
9.0%	$1978.70	$2211.58	$2465.98	$2743.36	$3045.25
10.0%	$1619.79	$1810.08	$2017.94	$2244.55	$2491.18
11.0%	$1351.44	$1509.89	$1682.96	$1871.64	$2076.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.78

Book Value / share($)Yahoo: $8.23

Results

Graham Number$22.69

Current Price$41.03

Margin of Safety-44.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.43%

Terminal growth rate(%)

Computed WACC: 6.43%

Cost of equity (Re)6.55%(Rf 4.30% + β 0.41 × 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)98.21%

Debt weight (D/V)1.79%

Results

Current Price$41.03

Implied Near-term FCF Growth-4.8%

Historical Revenue Growth5.6%

Historical Earnings Growth84.2%

Base FCF (TTM)$631.16M

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$41.03

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $921.76M

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: -$858.17M

Results

Implied Equity Value / share$41.03

Current Price$41.03

Upside / Downside-0.0%

Implied EV$9.80B

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

Mult \ Net Debt	-$2.86B	-$1.86B	-$858.17M	$141.83M	$1.14B
6.6x	$34.53	$30.68	$26.83	$22.98	$19.13
8.6x	$41.63	$37.78	$33.93	$30.08	$26.23
10.6x	$48.73	$44.88	$41.03	$37.18	$33.33
12.6x	$55.83	$51.98	$48.13	$44.28	$40.43
14.6x	$62.93	$59.08	$55.23	$51.38	$47.52

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