FE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($50.98)
DCF	$-134.19	-363.2%
Graham Number	$29.28	-42.6%
Reverse DCF	—	—
DDM	$38.32	-24.8%
EV/EBITDA	$53.43	+4.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.17B

Near-term growth (yrs 1–5)(%)Rev: 20.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.03%

Computed WACC: 4.03%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)52.33%

Debt weight (D/V)47.67%

Results

Intrinsic Value / share$-469.74

Current Price$50.98

Upside / Downside-1021.4%

Net Debt (used)$26.79B

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

WACC \ Near-term	12.7%	16.7%	20.7%	24.7%	28.7%
7.0%	$-142.10	$-159.46	$-179.30	$-201.89	$-227.50
8.0%	$-123.03	$-136.77	$-152.47	$-170.33	$-190.56
9.0%	$-109.92	$-121.18	$-134.03	$-148.65	$-165.20
10.0%	$-100.38	$-109.84	$-120.63	$-132.88	$-146.75
11.0%	$-93.15	$-101.24	$-110.46	$-120.94	$-132.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.76

Book Value / share($)Yahoo: $21.65

Results

Graham Number$29.28

Current Price$50.98

Margin of Safety-42.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.03%

Terminal growth rate(%)

Computed WACC: 4.03%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)52.33%

Debt weight (D/V)47.67%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$50.98

Implied Near-term FCF Growth—

Historical Revenue Growth20.7%

Historical Earnings Growth—

Base FCF (TTM)-$1.17B

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: $1.86

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.32

Current Price$50.98

Upside / Downside-24.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.03B

Target EV/EBITDA multipleCurrent: 11.5×

Net Debt($B)Default: $26.79B

Results

Implied Equity Value / share$53.43

Current Price$50.98

Upside / Downside+4.8%

Implied EV$57.66B

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

Mult \ Net Debt	$12.79B	$19.79B	$26.79B	$33.79B	$40.79B
7.5x	$42.86	$30.75	$18.64	$6.52	$-5.59
9.5x	$60.26	$48.15	$36.03	$23.92	$11.81
11.5x	$77.65	$65.54	$53.43	$41.32	$29.21
13.5x	$95.05	$82.94	$70.83	$58.71	$46.60
15.5x	$112.45	$100.33	$88.22	$76.11	$64.00

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