EXP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($211.45)
DCF	$43.30	-79.5%
Graham Number	$118.75	-43.8%
Reverse DCF	—	implied g: 23.7%
DDM	$20.60	-90.3%
EV/EBITDA	$211.44	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $156.24M

Near-term growth (yrs 1–5)(%)Rev: -0.4% / EPS: -9.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.83%

Computed WACC: 9.83%

Cost of equity (Re)11.71%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)3.45%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.01%

Debt weight (D/V)20.99%

Results

Intrinsic Value / share$33.31

Current Price$211.45

Upside / Downside-84.2%

Net Debt (used)$1.38B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$44.05	$61.85	$82.56	$106.53	$134.13
8.0%	$28.39	$42.72	$59.36	$78.60	$100.72
9.0%	$17.54	$29.47	$43.30	$59.28	$77.63
10.0%	$9.57	$19.75	$31.54	$45.12	$60.72
11.0%	$3.47	$12.32	$22.54	$34.31	$47.81

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.24

Book Value / share($)Yahoo: $47.33

Results

Graham Number$118.75

Current Price$211.45

Margin of Safety-43.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.83%

Terminal growth rate(%)

Computed WACC: 9.83%

Cost of equity (Re)11.71%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)3.45%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)79.01%

Debt weight (D/V)20.99%

Results

Current Price$211.45

Implied Near-term FCF Growth26.3%

Historical Revenue Growth-0.4%

Historical Earnings Growth-9.6%

Base FCF (TTM)$156.24M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$211.45

Upside / Downside-90.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $731.61M

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $1.38B

Results

Implied Equity Value / share$211.44

Current Price$211.45

Upside / Downside-0.0%

Implied EV$8.03B

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

Mult \ Net Debt	$1.38B	$1.38B	$1.38B	$1.38B	$1.38B
7.0x	$118.34	$118.34	$118.34	$118.34	$118.34
9.0x	$164.89	$164.89	$164.89	$164.89	$164.89
11.0x	$211.44	$211.44	$211.44	$211.44	$211.44
13.0x	$258.00	$258.00	$258.00	$258.00	$258.00
15.0x	$304.55	$304.55	$304.55	$304.55	$304.55

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