FDS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($219.94)
DCF	$252.72	+14.9%
Graham Number	$143.53	-34.7%
Reverse DCF	—	implied g: 4.7%
DDM	$90.64	-58.8%
EV/EBITDA	$219.94	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $545.51M

Near-term growth (yrs 1–5)(%)Rev: 6.8% / EPS: 4.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.50%

Computed WACC: 7.50%

Cost of equity (Re)8.29%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)4.22%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.07%

Debt weight (D/V)15.93%

Results

Intrinsic Value / share$341.55

Current Price$219.94

Upside / Downside+55.3%

Net Debt (used)$1.27B

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

WACC \ Near-term	-1.2%	2.8%	6.8%	10.8%	14.8%
7.0%	$258.12	$316.55	$384.37	$462.72	$552.78
8.0%	$205.23	$252.14	$306.53	$369.28	$441.33
9.0%	$168.61	$207.59	$252.72	$304.71	$364.35
10.0%	$141.77	$174.95	$213.32	$257.46	$308.05
11.0%	$121.25	$150.02	$183.23	$221.41	$265.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $15.73

Book Value / share($)Yahoo: $58.21

Results

Graham Number$143.53

Current Price$219.94

Margin of Safety-34.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.50%

Terminal growth rate(%)

Computed WACC: 7.50%

Cost of equity (Re)8.29%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)4.22%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.07%

Debt weight (D/V)15.93%

Results

Current Price$219.94

Implied Near-term FCF Growth0.4%

Historical Revenue Growth6.8%

Historical Earnings Growth4.4%

Base FCF (TTM)$545.51M

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: $4.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$90.64

Current Price$219.94

Upside / Downside-58.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $921.67M

Target EV/EBITDA multipleCurrent: 10.2×

Net Debt($B)Default: $1.27B

Results

Implied Equity Value / share$219.94

Current Price$219.94

Upside / Downside-0.0%

Implied EV$9.43B

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

Mult \ Net Debt	$1.27B	$1.27B	$1.27B	$1.27B	$1.27B
6.2x	$120.56	$120.56	$120.56	$120.56	$120.56
8.2x	$170.25	$170.25	$170.25	$170.25	$170.25
10.2x	$219.94	$219.94	$219.94	$219.94	$219.94
12.2x	$269.62	$269.62	$269.62	$269.62	$269.62
14.2x	$319.31	$319.31	$319.31	$319.31	$319.31

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