EXR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($152.65)
DCF	$111.64	-26.9%
Graham Number	$81.06	-46.9%
Reverse DCF	—	implied g: 19.4%
DDM	$133.49	-12.6%
EV/EBITDA	$156.87	+2.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.14B

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 15.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.85%

Computed WACC: 7.85%

Cost of equity (Re)11.13%(Rf 4.30% + β 1.24 × 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)70.53%

Debt weight (D/V)29.47%

Results

Intrinsic Value / share$154.41

Current Price$152.65

Upside / Downside+1.2%

Net Debt (used)$13.99B

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

WACC \ Near-term	7.8%	11.8%	15.8%	19.8%	23.8%
7.0%	$123.66	$159.33	$200.33	$247.23	$300.66
8.0%	$86.87	$115.23	$147.80	$185.03	$227.40
9.0%	$61.52	$84.86	$111.64	$142.22	$177.00
10.0%	$43.03	$62.72	$85.28	$111.03	$140.29
11.0%	$28.98	$45.90	$65.27	$87.35	$112.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.59

Book Value / share($)Yahoo: $63.62

Results

Graham Number$81.06

Current Price$152.65

Margin of Safety-46.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.85%

Terminal growth rate(%)

Computed WACC: 7.85%

Cost of equity (Re)11.13%(Rf 4.30% + β 1.24 × 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)70.53%

Debt weight (D/V)29.47%

Results

Current Price$152.65

Implied Near-term FCF Growth15.7%

Historical Revenue Growth4.6%

Historical Earnings Growth15.8%

Base FCF (TTM)$1.14B

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: $6.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$133.49

Current Price$152.65

Upside / Downside-12.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.27B

Target EV/EBITDA multipleCurrent: 20.8×

Net Debt($B)Default: $13.99B

Results

Implied Equity Value / share$156.87

Current Price$152.65

Upside / Downside+2.8%

Implied EV$47.11B

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

Mult \ Net Debt	$7.99B	$10.99B	$13.99B	$16.99B	$19.99B
16.8x	$142.30	$128.09	$113.88	$99.68	$85.47
18.8x	$163.79	$149.58	$135.38	$121.17	$106.96
20.8x	$185.28	$171.07	$156.87	$142.66	$128.45
22.8x	$206.77	$192.57	$178.36	$164.15	$149.94
24.8x	$228.27	$214.06	$199.85	$185.64	$171.43

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