FOX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($51.99)
DCF	$113.56	+118.4%
Graham Number	$49.10	-5.6%
Reverse DCF	—	implied g: -5.0%
DDM	$11.54	-77.8%
EV/EBITDA	$99.28	+91.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.77B

Near-term growth (yrs 1–5)(%)Rev: 2.0% / EPS: -35.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.43%

Computed WACC: 5.43%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)76.41%

Debt weight (D/V)23.59%

Results

Intrinsic Value / share$283.73

Current Price$51.99

Upside / Downside+445.7%

Net Debt (used)$5.48B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$114.75	$142.88	$175.61	$213.49	$257.13
8.0%	$89.99	$112.64	$138.94	$169.34	$204.32
9.0%	$72.84	$91.69	$113.56	$138.81	$167.81
10.0%	$60.24	$76.33	$94.96	$116.43	$141.08
11.0%	$50.60	$64.58	$80.74	$99.35	$120.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.17

Book Value / share($)Yahoo: $25.70

Results

Graham Number$49.10

Current Price$51.99

Margin of Safety-5.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.43%

Terminal growth rate(%)

Computed WACC: 5.43%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)76.41%

Debt weight (D/V)23.59%

Results

Current Price$51.99

Implied Near-term FCF Growth-15.6%

Historical Revenue Growth2.0%

Historical Earnings Growth-35.8%

Base FCF (TTM)$1.77B

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$51.99

Upside / Downside-77.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.53B

Target EV/EBITDA multipleCurrent: 7.9×

Net Debt($B)Default: $5.48B

Results

Implied Equity Value / share$99.28

Current Price$51.99

Upside / Downside+91.0%

Implied EV$27.79B

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

Mult \ Net Debt	$3.48B	$4.48B	$5.48B	$6.48B	$7.48B
3.9x	$45.29	$40.84	$36.39	$31.94	$27.49
5.9x	$76.74	$72.29	$67.84	$63.39	$58.94
7.9x	$108.18	$103.73	$99.28	$94.83	$90.38
9.9x	$139.63	$135.18	$130.73	$126.28	$121.83
11.9x	$171.08	$166.63	$162.17	$157.72	$153.27

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