F — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.39)
DCF	$-27.16	-302.8%
Graham Number	—	—
Reverse DCF	—	implied g: 37.4%
DDM	$12.36	-7.7%
EV/EBITDA	$13.64	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.76B

Near-term growth (yrs 1–5)(%)Rev: -4.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.28%

Computed WACC: 3.28%

Cost of equity (Re)13.46%(Rf 4.30% + β 1.67 × 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)24.37%

Debt weight (D/V)75.63%

Results

Intrinsic Value / share$31.37

Current Price$13.39

Upside / Downside+134.3%

Net Debt (used)$137.31B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-27.09	$-25.49	$-23.62	$-21.45	$-18.96
8.0%	$-28.51	$-27.21	$-25.71	$-23.97	$-21.98
9.0%	$-29.49	$-28.41	$-27.16	$-25.72	$-24.06
10.0%	$-30.21	$-29.29	$-28.22	$-27.00	$-25.59
11.0%	$-30.76	$-29.96	$-29.03	$-27.97	$-26.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.06

Book Value / share($)Yahoo: $9.01

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$13.39

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.28%

Terminal growth rate(%)

Computed WACC: 3.28%

Cost of equity (Re)13.46%(Rf 4.30% + β 1.67 × 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)24.37%

Debt weight (D/V)75.63%

Results

Current Price$13.39

Implied Near-term FCF Growth0.6%

Historical Revenue Growth-4.8%

Historical Earnings Growth—

Base FCF (TTM)$1.76B

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$13.39

Upside / Downside-7.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.39B

Target EV/EBITDA multipleCurrent: 35.4×

Net Debt($B)Default: $137.31B

Results

Implied Equity Value / share$13.64

Current Price$13.39

Upside / Downside+1.9%

Implied EV$190.75B

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

Mult \ Net Debt	$69.31B	$103.31B	$137.31B	$171.31B	$205.31B
31.4x	$25.49	$16.81	$8.13	$-0.54	$-9.22
33.4x	$28.24	$19.56	$10.89	$2.21	$-6.47
35.4x	$30.99	$22.32	$13.64	$4.96	$-3.71
37.4x	$33.74	$25.07	$16.39	$7.71	$-0.96
39.4x	$36.50	$27.82	$19.14	$10.47	$1.79

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