FORM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($94.48)
DCF	$-2697.54	-2955.0%
Graham Number	$14.39	-84.8%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$99.70	+5.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$31.93M

Near-term growth (yrs 1–5)(%)Rev: 13.6% / EPS: 131.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.05%

Computed WACC: 10.05%

Cost of equity (Re)10.08%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)4.08%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.56%

Debt weight (D/V)0.44%

Results

Intrinsic Value / share$-2166.32

Current Price$94.48

Upside / Downside-2392.8%

Net Debt (used)-$242.81M

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

WACC \ Near-term	123.8%	127.8%	131.8%	135.8%	139.8%
7.0%	$-3742.69	$-4089.16	$-4460.81	$-4859.00	$-5285.12
8.0%	$-2860.69	$-3125.48	$-3409.52	$-3713.83	$-4039.48
9.0%	$-2263.36	$-2472.84	$-2697.54	$-2938.28	$-3195.89
10.0%	$-1835.82	$-2005.71	$-2187.95	$-2383.18	$-2592.10
11.0%	$-1517.33	$-1657.73	$-1808.34	$-1969.68	$-2142.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.69

Book Value / share($)Yahoo: $13.34

Results

Graham Number$14.39

Current Price$94.48

Margin of Safety-84.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.05%

Terminal growth rate(%)

Computed WACC: 10.05%

Cost of equity (Re)10.08%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)4.08%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)99.56%

Debt weight (D/V)0.44%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$94.48

Implied Near-term FCF Growth—

Historical Revenue Growth13.6%

Historical Earnings Growth131.8%

Base FCF (TTM)-$31.93M

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$94.48

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $100.33M

Target EV/EBITDA multipleCurrent: 75.0×

Net Debt($B)Default: -$242.81M

Results

Implied Equity Value / share$99.70

Current Price$94.48

Upside / Downside+5.5%

Implied EV$7.53B

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

Mult \ Net Debt	-$2.24B	-$1.24B	-$242.81M	$757.19M	$1.76B
71.0x	$120.22	$107.38	$94.55	$81.72	$68.88
73.0x	$122.79	$109.96	$97.12	$84.29	$71.46
75.0x	$125.37	$112.53	$99.70	$86.87	$74.03
77.0x	$127.94	$115.11	$102.28	$89.44	$76.61
79.0x	$130.52	$117.68	$104.85	$92.02	$79.18

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