EXPO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($73.78)
DCF	$44.31	-39.9%
Graham Number	$18.96	-74.3%
Reverse DCF	—	implied g: 18.0%
DDM	$24.93	-66.2%
EV/EBITDA	$72.84	-1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $95.01M

Near-term growth (yrs 1–5)(%)Rev: 4.5% / EPS: 8.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.38%

Computed WACC: 8.38%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.78 × 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)97.83%

Debt weight (D/V)2.17%

Results

Intrinsic Value / share$48.83

Current Price$73.78

Upside / Downside-33.8%

Net Debt (used)-$139.10M

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

WACC \ Near-term	0.7%	4.7%	8.7%	12.7%	16.7%
7.0%	$45.45	$53.87	$63.63	$74.87	$87.77
8.0%	$37.61	$44.35	$52.16	$61.15	$71.44
9.0%	$32.18	$37.78	$44.24	$51.67	$60.18
10.0%	$28.21	$32.96	$38.44	$44.74	$51.95
11.0%	$25.18	$29.29	$34.03	$39.46	$45.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.03

Book Value / share($)Yahoo: $7.87

Results

Graham Number$18.96

Current Price$73.78

Margin of Safety-74.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.38%

Terminal growth rate(%)

Computed WACC: 8.38%

Cost of equity (Re)8.56%(Rf 4.30% + β 0.78 × 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)97.83%

Debt weight (D/V)2.17%

Results

Current Price$73.78

Implied Near-term FCF Growth16.1%

Historical Revenue Growth4.5%

Historical Earnings Growth8.7%

Base FCF (TTM)$95.01M

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: $1.21

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.93

Current Price$73.78

Upside / Downside-66.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $129.87M

Target EV/EBITDA multipleCurrent: 26.9×

Net Debt($B)Default: -$139.10M

Results

Implied Equity Value / share$72.84

Current Price$73.78

Upside / Downside-1.3%

Implied EV$3.49B

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

Mult \ Net Debt	-$2.14B	-$1.14B	-$139.10M	$860.90M	$1.86B
22.9x	$102.52	$82.48	$62.43	$42.39	$22.34
24.9x	$107.73	$87.68	$67.64	$47.59	$27.55
26.9x	$112.94	$92.89	$72.84	$52.80	$32.75
28.9x	$118.14	$98.10	$78.05	$58.01	$37.96
30.9x	$123.35	$103.30	$83.26	$63.21	$43.17

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