FG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.65)
DCF	$579.63	+2459.1%
Graham Number	$52.36	+131.2%
Reverse DCF	—	implied g: -20.0%
DDM	$20.60	-9.1%
EV/EBITDA	$23.49	+3.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.76B

Near-term growth (yrs 1–5)(%)Rev: 13.2% / EPS: -64.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.76%

Computed WACC: 9.76%

Cost of equity (Re)12.61%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)7.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)57.60%

Debt weight (D/V)42.40%

Results

Intrinsic Value / share$513.77

Current Price$22.65

Upside / Downside+2168.3%

Net Debt (used)-$344.00M

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

WACC \ Near-term	5.2%	9.2%	13.2%	17.2%	21.2%
7.0%	$610.77	$727.15	$861.28	$1015.13	$1190.84
8.0%	$494.95	$587.73	$694.54	$816.95	$956.63
9.0%	$415.07	$491.61	$579.63	$680.42	$795.33
10.0%	$356.72	$421.44	$495.79	$580.84	$677.73
11.0%	$312.30	$368.05	$432.02	$505.13	$588.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.44

Book Value / share($)Yahoo: $35.42

Results

Graham Number$52.36

Current Price$22.65

Margin of Safety+131.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.76%

Terminal growth rate(%)

Computed WACC: 9.76%

Cost of equity (Re)12.61%(Rf 4.30% + β 1.51 × ERP 5.50%)

Cost of debt (Rd)7.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)57.60%

Debt weight (D/V)42.40%

Results

Current Price$22.65

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth13.2%

Historical Earnings Growth-64.2%

Base FCF (TTM)$2.76B

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$22.65

Upside / Downside-9.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $576.00M

Target EV/EBITDA multipleCurrent: 4.9×

Net Debt($B)Default: -$344.00M

Results

Implied Equity Value / share$23.49

Current Price$22.65

Upside / Downside+3.7%

Implied EV$2.84B

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

Mult \ Net Debt	-$2.34B	-$1.34B	-$344.00M	$656.00M	$1.66B
0.9x	$21.24	$13.87	$6.50	$-0.88	$-8.25
2.9x	$29.74	$22.36	$14.99	$7.62	$0.24
4.9x	$38.23	$30.86	$23.49	$16.11	$8.74
6.9x	$46.73	$39.35	$31.98	$24.61	$17.23
8.9x	$55.22	$47.85	$40.48	$33.10	$25.73

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