EXLS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($31.11)
DCF	$64.24	+106.5%
Graham Number	$13.94	-55.2%
Reverse DCF	—	implied g: 6.8%
DDM	—	—
EV/EBITDA	$30.79	-1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $257.52M

Near-term growth (yrs 1–5)(%)Rev: 12.7% / EPS: 19.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.44%

Computed WACC: 8.44%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × 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)92.53%

Debt weight (D/V)7.47%

Results

Intrinsic Value / share$71.22

Current Price$31.11

Upside / Downside+128.9%

Net Debt (used)$77.42M

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

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$69.73	$82.60	$97.34	$114.14	$133.21
8.0%	$55.86	$66.06	$77.73	$91.02	$106.11
9.0%	$46.31	$54.68	$64.24	$75.14	$87.49
10.0%	$39.36	$46.40	$54.43	$63.58	$73.94
11.0%	$34.08	$40.11	$46.99	$54.82	$63.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.48

Book Value / share($)Yahoo: $5.83

Results

Graham Number$13.94

Current Price$31.11

Margin of Safety-55.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.44%

Terminal growth rate(%)

Computed WACC: 8.44%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × 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)92.53%

Debt weight (D/V)7.47%

Results

Current Price$31.11

Implied Near-term FCF Growth5.2%

Historical Revenue Growth12.7%

Historical Earnings Growth19.2%

Base FCF (TTM)$257.52M

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$31.11

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $359.33M

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $77.42M

Results

Implied Equity Value / share$30.79

Current Price$31.11

Upside / Downside-1.0%

Implied EV$4.96B

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

Mult \ Net Debt	-$1.92B	-$922.58M	$77.42M	$1.08B	$2.08B
9.8x	$34.34	$28.04	$21.74	$15.44	$9.14
11.8x	$38.87	$32.57	$26.27	$19.96	$13.66
13.8x	$43.40	$37.10	$30.79	$24.49	$18.19
15.8x	$47.93	$41.62	$35.32	$29.02	$22.72
17.8x	$52.45	$46.15	$39.85	$33.55	$27.25

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