FIVE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($223.48)
DCF	$37019898962781.12	+16565195526471.1%
Graham Number	$66.57	-70.2%
Reverse DCF	—	implied g: 23.2%
DDM	—	—
EV/EBITDA	$223.53	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $276.36M

Near-term growth (yrs 1–5)(%)Rev: 23.1% / EPS: 2100.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.05%

Computed WACC: 9.05%

Cost of equity (Re)10.53%(Rf 4.30% + β 1.13 × 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)85.95%

Debt weight (D/V)14.05%

Results

Intrinsic Value / share$36587741149202.52

Current Price$223.48

Upside / Downside+16371819021379.6%

Net Debt (used)$1.49B

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

WACC \ Near-term	2092.0%	2096.0%	2100.0%	2104.0%	2108.0%
7.0%	$61912212484260.33	$62479170348989.16	$63050274137162.79	$63625546545366.95	$64205010352870.62
8.0%	$46631881196404.27	$47058910221973.10	$47489061930473.63	$47922353416828.59	$48358801838237.17
9.0%	$36351687318919.22	$36684576003664.17	$37019898962781.12	$37357669522545.28	$37697901057779.30
10.0%	$29046805085415.22	$29312799691003.48	$29580739402810.39	$29850634869192.25	$30122496777297.09
11.0%	$23647533800623.84	$23864084860227.97	$24082219466277.72	$24301946287794.13	$24523274025379.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.57

Book Value / share($)Yahoo: $35.36

Results

Graham Number$66.57

Current Price$223.48

Margin of Safety-70.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.05%

Terminal growth rate(%)

Computed WACC: 9.05%

Cost of equity (Re)10.53%(Rf 4.30% + β 1.13 × 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)85.95%

Debt weight (D/V)14.05%

Results

Current Price$223.48

Implied Near-term FCF Growth23.4%

Historical Revenue Growth23.1%

Historical Earnings Growth2100.0%

Base FCF (TTM)$276.36M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$223.48

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $581.93M

Target EV/EBITDA multipleCurrent: 23.7×

Net Debt($B)Default: $1.49B

Results

Implied Equity Value / share$223.53

Current Price$223.48

Upside / Downside+0.0%

Implied EV$13.82B

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

Mult \ Net Debt	$1.49B	$1.49B	$1.49B	$1.49B	$1.49B
19.7x	$181.33	$181.33	$181.33	$181.33	$181.33
21.7x	$202.43	$202.43	$202.43	$202.43	$202.43
23.7x	$223.53	$223.53	$223.53	$223.53	$223.53
25.7x	$244.63	$244.63	$244.63	$244.63	$244.63
27.7x	$265.73	$265.73	$265.73	$265.73	$265.73

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