FIS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($50.00)
DCF	$4335.39	+8570.8%
Graham Number	$13.95	-72.1%
Reverse DCF	—	implied g: 7.6%
DDM	$33.78	-32.4%
EV/EBITDA	$49.67	-0.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.89B

Near-term growth (yrs 1–5)(%)Rev: 8.2% / EPS: 88.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.12%

Computed WACC: 6.12%

Cost of equity (Re)9.25%(Rf 4.30% + β 0.90 × 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)66.21%

Debt weight (D/V)33.79%

Results

Intrinsic Value / share$9283.54

Current Price$50.00

Upside / Downside+18467.1%

Net Debt (used)$12.73B

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

WACC \ Near-term	80.1%	84.1%	88.1%	92.1%	96.1%
7.0%	$5687.20	$6347.45	$7067.48	$7851.27	$8702.96
8.0%	$4374.41	$4882.31	$5436.18	$6039.05	$6694.12
9.0%	$3482.88	$3887.36	$4328.40	$4808.44	$5330.01
10.0%	$2842.83	$3173.06	$3533.13	$3925.00	$4350.76
11.0%	$2364.47	$2639.23	$2938.79	$3264.79	$3618.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.32

Book Value / share($)Yahoo: $27.04

Results

Graham Number$13.95

Current Price$50.00

Margin of Safety-72.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.12%

Terminal growth rate(%)

Computed WACC: 6.12%

Cost of equity (Re)9.25%(Rf 4.30% + β 0.90 × 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)66.21%

Debt weight (D/V)33.79%

Results

Current Price$50.00

Implied Near-term FCF Growth-1.7%

Historical Revenue Growth8.2%

Historical Earnings Growth88.1%

Base FCF (TTM)$1.89B

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: $1.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$33.78

Current Price$50.00

Upside / Downside-32.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.14B

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: $12.73B

Results

Implied Equity Value / share$49.67

Current Price$50.00

Upside / Downside-0.7%

Implied EV$38.46B

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

Mult \ Net Debt	$6.73B	$9.73B	$12.73B	$15.73B	$18.73B
8.3x	$37.01	$31.22	$25.43	$19.63	$13.84
10.3x	$49.14	$43.34	$37.55	$31.76	$25.96
12.3x	$61.26	$55.47	$49.67	$43.88	$38.09
14.3x	$73.38	$67.59	$61.80	$56.00	$50.21
16.3x	$85.51	$79.71	$73.92	$68.13	$62.33

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