EXPE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($213.24)
DCF	$633.13	+196.9%
Graham Number	$48.10	-77.4%
Reverse DCF	—	implied g: -6.8%
DDM	$34.61	-83.8%
EV/EBITDA	$234.10	+9.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.93B

Near-term growth (yrs 1–5)(%)Rev: 11.4% / EPS: -27.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.66%

Computed WACC: 9.66%

Cost of equity (Re)12.05%(Rf 4.30% + β 1.41 × 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)80.11%

Debt weight (D/V)19.89%

Results

Intrinsic Value / share$569.78

Current Price$213.24

Upside / Downside+167.2%

Net Debt (used)$754.00M

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

WACC \ Near-term	3.4%	7.4%	11.4%	15.4%	19.4%
7.0%	$661.47	$790.89	$940.34	$1112.10	$1308.62
8.0%	$535.93	$639.30	$758.53	$895.43	$1051.91
9.0%	$449.26	$534.69	$633.13	$746.04	$874.99
10.0%	$385.89	$458.26	$541.55	$636.98	$745.88
11.0%	$337.59	$400.04	$471.83	$554.00	$647.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.81

Book Value / share($)Yahoo: $10.48

Results

Graham Number$48.10

Current Price$213.24

Margin of Safety-77.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.66%

Terminal growth rate(%)

Computed WACC: 9.66%

Cost of equity (Re)12.05%(Rf 4.30% + β 1.41 × 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)80.11%

Debt weight (D/V)19.89%

Results

Current Price$213.24

Implied Near-term FCF Growth-5.3%

Historical Revenue Growth11.4%

Historical Earnings Growth-27.3%

Base FCF (TTM)$2.93B

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$213.24

Upside / Downside-83.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.30B

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: $754.00M

Results

Implied Equity Value / share$234.10

Current Price$213.24

Upside / Downside+9.8%

Implied EV$28.15B

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

Mult \ Net Debt	-$1.25B	-$246.00M	$754.00M	$1.75B	$2.75B
8.2x	$172.53	$163.98	$155.44	$146.89	$138.34
10.2x	$211.86	$203.31	$194.77	$186.22	$177.67
12.2x	$251.19	$242.64	$234.10	$225.55	$217.00
14.2x	$290.52	$281.97	$273.42	$264.88	$256.33
16.2x	$329.85	$321.30	$312.75	$304.21	$295.66

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