FCFS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($195.23)
DCF	$270.36	+38.5%
Graham Number	$92.97	-52.4%
Reverse DCF	—	implied g: 22.3%
DDM	$34.61	-82.3%
EV/EBITDA	$195.23	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $232.38M

Near-term growth (yrs 1–5)(%)Rev: 19.8% / EPS: 27.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.27%

Computed WACC: 5.27%

Cost of equity (Re)6.85%(Rf 4.30% + β 0.46 × 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)77.03%

Debt weight (D/V)22.97%

Results

Intrinsic Value / share$805.51

Current Price$195.23

Upside / Downside+312.6%

Net Debt (used)$2.44B

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

WACC \ Near-term	19.0%	23.0%	27.0%	31.0%	35.0%
7.0%	$310.00	$373.26	$445.14	$526.49	$618.24
8.0%	$235.03	$284.86	$341.46	$405.47	$477.63
9.0%	$183.60	$224.24	$270.36	$322.50	$381.25
10.0%	$146.27	$180.24	$218.77	$262.31	$311.34
11.0%	$118.02	$146.96	$179.76	$216.81	$258.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.42

Book Value / share($)Yahoo: $51.77

Results

Graham Number$92.97

Current Price$195.23

Margin of Safety-52.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.27%

Terminal growth rate(%)

Computed WACC: 5.27%

Cost of equity (Re)6.85%(Rf 4.30% + β 0.46 × 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)77.03%

Debt weight (D/V)22.97%

Results

Current Price$195.23

Implied Near-term FCF Growth7.1%

Historical Revenue Growth19.8%

Historical Earnings Growth27.0%

Base FCF (TTM)$232.38M

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$195.23

Upside / Downside-82.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $685.03M

Target EV/EBITDA multipleCurrent: 16.1×

Net Debt($B)Default: $2.44B

Results

Implied Equity Value / share$195.23

Current Price$195.23

Upside / Downside-0.0%

Implied EV$11.03B

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

Mult \ Net Debt	$443.46M	$1.44B	$2.44B	$3.44B	$4.44B
12.1x	$178.40	$155.66	$132.93	$110.19	$87.46
14.1x	$209.55	$186.81	$164.08	$141.34	$118.61
16.1x	$240.70	$217.96	$195.23	$172.49	$149.76
18.1x	$271.85	$249.11	$226.37	$203.64	$180.90
20.1x	$302.99	$280.26	$257.52	$234.79	$212.05

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