FN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($581.37)
DCF	$-38.93	-106.7%
Graham Number	$119.52	-79.4%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$581.37	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$23.54M

Near-term growth (yrs 1–5)(%)Rev: 35.9% / EPS: 30.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.95%

Computed WACC: 9.95%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)99.98%

Debt weight (D/V)0.02%

Results

Intrinsic Value / share$-28.52

Current Price$581.37

Upside / Downside-104.9%

Net Debt (used)-$955.89M

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

WACC \ Near-term	27.9%	31.9%	35.9%	39.9%	43.9%
7.0%	$-49.25	$-61.56	$-75.44	$-91.03	$-108.48
8.0%	$-33.19	$-42.83	$-53.69	$-65.90	$-79.55
9.0%	$-22.19	$-30.01	$-38.82	$-48.70	$-59.77
10.0%	$-14.23	$-20.73	$-28.05	$-36.26	$-45.45
11.0%	$-8.23	$-13.73	$-19.93	$-26.88	$-34.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.41

Book Value / share($)Yahoo: $60.99

Results

Graham Number$119.52

Current Price$581.37

Margin of Safety-79.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.95%

Terminal growth rate(%)

Computed WACC: 9.95%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)99.98%

Debt weight (D/V)0.02%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$581.37

Implied Near-term FCF Growth—

Historical Revenue Growth35.9%

Historical Earnings Growth30.7%

Base FCF (TTM)-$23.54M

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$581.37

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $435.23M

Target EV/EBITDA multipleCurrent: 45.7×

Net Debt($B)Default: -$955.89M

Results

Implied Equity Value / share$581.37

Current Price$581.37

Upside / Downside-0.0%

Implied EV$19.87B

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

Mult \ Net Debt	-$2.96B	-$1.96B	-$955.89M	$44.11M	$1.04B
41.7x	$588.60	$560.69	$532.77	$504.86	$476.95
43.7x	$612.90	$584.98	$557.07	$529.16	$501.25
45.7x	$637.19	$609.28	$581.37	$553.46	$525.54
47.7x	$661.49	$633.58	$605.67	$577.75	$549.84
49.7x	$685.79	$657.88	$629.96	$602.05	$574.14

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