FSS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($119.57)
DCF	$92.77	-22.4%
Graham Number	$44.16	-63.1%
Reverse DCF	—	implied g: 30.8%
DDM	$12.36	-89.7%
EV/EBITDA	$116.61	-2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $102.85M

Near-term growth (yrs 1–5)(%)Rev: 26.5% / EPS: 24.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.98%

Computed WACC: 10.98%

Cost of equity (Re)11.64%(Rf 4.30% + β 1.33 × ERP 5.50%)

Cost of debt (Rd)3.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.44%

Debt weight (D/V)7.56%

Results

Intrinsic Value / share$64.95

Current Price$119.57

Upside / Downside-45.7%

Net Debt (used)$530.90M

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

WACC \ Near-term	18.5%	22.5%	26.5%	30.5%	34.5%
7.0%	$105.10	$124.87	$147.35	$172.80	$201.51
8.0%	$81.79	$97.38	$115.08	$135.11	$157.70
9.0%	$65.81	$78.52	$92.95	$109.27	$127.67
10.0%	$54.20	$64.83	$76.89	$90.52	$105.88
11.0%	$45.42	$54.47	$64.74	$76.34	$89.41

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.82

Book Value / share($)Yahoo: $22.69

Results

Graham Number$44.16

Current Price$119.57

Margin of Safety-63.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.98%

Terminal growth rate(%)

Computed WACC: 10.98%

Cost of equity (Re)11.64%(Rf 4.30% + β 1.33 × ERP 5.50%)

Cost of debt (Rd)3.67%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.44%

Debt weight (D/V)7.56%

Results

Current Price$119.57

Implied Near-term FCF Growth37.1%

Historical Revenue Growth26.5%

Historical Earnings Growth24.2%

Base FCF (TTM)$102.85M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$119.57

Upside / Downside-89.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $437.40M

Target EV/EBITDA multipleCurrent: 17.4×

Net Debt($B)Default: $530.90M

Results

Implied Equity Value / share$116.61

Current Price$119.57

Upside / Downside-2.5%

Implied EV$7.62B

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

Mult \ Net Debt	-$1.47B	-$469.10M	$530.90M	$1.53B	$2.53B
13.4x	$120.73	$104.28	$87.84	$71.39	$54.95
15.4x	$135.11	$118.67	$102.22	$85.78	$69.33
17.4x	$149.50	$133.05	$116.61	$100.16	$83.72
19.4x	$163.88	$147.44	$130.99	$114.55	$98.10
21.4x	$178.27	$161.83	$145.38	$128.94	$112.49

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