FLEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($65.49)
DCF	$46.94	-28.3%
Graham Number	$26.44	-59.6%
Reverse DCF	—	implied g: 12.9%
DDM	—	—
EV/EBITDA	$65.48	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $934.50M

Near-term growth (yrs 1–5)(%)Rev: 7.7% / EPS: -4.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.89%

Computed WACC: 9.89%

Cost of equity (Re)11.06%(Rf 4.30% + β 1.23 × ERP 5.50%)

Cost of debt (Rd)5.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)82.84%

Debt weight (D/V)17.16%

Results

Intrinsic Value / share$40.46

Current Price$65.49

Upside / Downside-38.2%

Net Debt (used)$1.96B

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

WACC \ Near-term	-0.3%	3.7%	7.7%	11.7%	15.7%
7.0%	$48.28	$58.94	$71.29	$85.55	$101.93
8.0%	$38.50	$47.04	$56.94	$68.35	$81.43
9.0%	$31.73	$38.82	$47.02	$56.46	$67.29
10.0%	$26.77	$32.80	$39.76	$47.77	$56.94
11.0%	$22.98	$28.20	$34.23	$41.15	$49.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.23

Book Value / share($)Yahoo: $13.93

Results

Graham Number$26.44

Current Price$65.49

Margin of Safety-59.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.89%

Terminal growth rate(%)

Computed WACC: 9.89%

Cost of equity (Re)11.06%(Rf 4.30% + β 1.23 × ERP 5.50%)

Cost of debt (Rd)5.32%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)82.84%

Debt weight (D/V)17.16%

Results

Current Price$65.49

Implied Near-term FCF Growth15.4%

Historical Revenue Growth7.7%

Historical Earnings Growth-4.5%

Base FCF (TTM)$934.50M

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$65.49

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.98B

Target EV/EBITDA multipleCurrent: 13.2×

Net Debt($B)Default: $1.96B

Results

Implied Equity Value / share$65.48

Current Price$65.49

Upside / Downside-0.0%

Implied EV$26.04B

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

Mult \ Net Debt	$1.96B	$1.96B	$1.96B	$1.96B	$1.96B
9.2x	$43.96	$43.96	$43.96	$43.96	$43.96
11.2x	$54.72	$54.72	$54.72	$54.72	$54.72
13.2x	$65.48	$65.48	$65.48	$65.48	$65.48
15.2x	$76.24	$76.24	$76.24	$76.24	$76.24
17.2x	$87.00	$87.00	$87.00	$87.00	$87.00

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