FIX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1438.24)
DCF	$133544.02	+9185.2%
Graham Number	$212.82	-85.2%
Reverse DCF	—	implied g: 27.9%
DDM	$46.35	-96.8%
EV/EBITDA	$1427.01	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $774.22M

Near-term growth (yrs 1–5)(%)Rev: 41.7% / EPS: 129.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.41%

Computed WACC: 13.41%

Cost of equity (Re)13.47%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)8.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.06%

Debt weight (D/V)0.94%

Results

Intrinsic Value / share$60041.78

Current Price$1438.24

Upside / Downside+4074.7%

Net Debt (used)-$532.90M

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

WACC \ Near-term	121.5%	125.5%	129.5%	133.5%	137.5%
7.0%	$185061.58	$202360.35	$220929.82	$240838.77	$262158.41
8.0%	$141527.08	$154751.03	$168946.11	$184164.87	$200461.73
9.0%	$112040.62	$122504.82	$133737.27	$145779.54	$158674.66
10.0%	$90933.06	$99421.87	$108533.72	$118302.32	$128762.55
11.0%	$75207.39	$82224.61	$89756.71	$97831.52	$106477.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $28.87

Book Value / share($)Yahoo: $69.73

Results

Graham Number$212.82

Current Price$1438.24

Margin of Safety-85.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.41%

Terminal growth rate(%)

Computed WACC: 13.41%

Cost of equity (Re)13.47%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)8.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.06%

Debt weight (D/V)0.94%

Results

Current Price$1438.24

Implied Near-term FCF Growth40.7%

Historical Revenue Growth41.7%

Historical Earnings Growth129.5%

Base FCF (TTM)$774.22M

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: $2.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.35

Current Price$1438.24

Upside / Downside-96.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.45B

Target EV/EBITDA multipleCurrent: 34.1×

Net Debt($B)Default: -$532.90M

Results

Implied Equity Value / share$1427.01

Current Price$1438.24

Upside / Downside-0.8%

Implied EV$49.66B

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

Mult \ Net Debt	-$2.53B	-$1.53B	-$532.90M	$467.10M	$1.47B
30.1x	$1318.46	$1290.03	$1261.60	$1233.17	$1204.74
32.1x	$1401.16	$1372.73	$1344.30	$1315.87	$1287.44
34.1x	$1483.87	$1455.44	$1427.01	$1398.58	$1370.15
36.1x	$1566.57	$1538.14	$1509.71	$1481.28	$1452.85
38.1x	$1649.28	$1620.85	$1592.42	$1563.99	$1535.56

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