FNF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($51.66)
DCF	$201.28	+289.6%
Graham Number	$36.91	-28.6%
Reverse DCF	—	implied g: -10.4%
DDM	$42.85	-17.1%
EV/EBITDA	$57.40	+11.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.05B

Near-term growth (yrs 1–5)(%)Rev: 12.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.43%

Computed WACC: 7.43%

Cost of equity (Re)9.96%(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)74.62%

Debt weight (D/V)25.38%

Results

Intrinsic Value / share$272.14

Current Price$51.66

Upside / Downside+426.8%

Net Debt (used)$473.00M

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

WACC \ Near-term	4.3%	8.3%	12.3%	16.3%	20.3%
7.0%	$211.64	$252.74	$300.15	$354.58	$416.81
8.0%	$171.25	$204.04	$241.83	$285.17	$334.67
9.0%	$143.38	$170.45	$201.62	$237.33	$278.09
10.0%	$123.02	$145.93	$172.27	$202.43	$236.82
11.0%	$107.50	$127.25	$149.94	$175.88	$205.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.21

Book Value / share($)Yahoo: $27.39

Results

Graham Number$36.91

Current Price$51.66

Margin of Safety-28.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.43%

Terminal growth rate(%)

Computed WACC: 7.43%

Cost of equity (Re)9.96%(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)74.62%

Debt weight (D/V)25.38%

Results

Current Price$51.66

Implied Near-term FCF Growth-14.1%

Historical Revenue Growth12.3%

Historical Earnings Growth—

Base FCF (TTM)$2.05B

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$51.66

Upside / Downside-17.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.07B

Target EV/EBITDA multipleCurrent: 7.7×

Net Debt($B)Default: $473.00M

Results

Implied Equity Value / share$57.40

Current Price$51.66

Upside / Downside+11.1%

Implied EV$16.03B

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

Mult \ Net Debt	-$1.53B	-$527.00M	$473.00M	$1.47B	$2.47B
3.7x	$34.17	$30.48	$26.79	$23.10	$19.41
5.7x	$49.47	$45.78	$42.09	$38.40	$34.71
7.7x	$64.78	$61.09	$57.40	$53.71	$50.02
9.7x	$80.08	$76.39	$72.70	$69.01	$65.32
11.7x	$95.39	$91.70	$88.01	$84.32	$80.63

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