FTV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($58.58)
DCF	$38.59	-34.1%
Graham Number	$27.14	-53.7%
Reverse DCF	—	implied g: 11.0%
DDM	$5.36	-90.9%
EV/EBITDA	$57.57	-1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $855.86M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: -2.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.31%

Computed WACC: 8.31%

Cost of equity (Re)9.79%(Rf 4.30% + β 1.00 × 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)84.91%

Debt weight (D/V)15.09%

Results

Intrinsic Value / share$44.35

Current Price$58.58

Upside / Downside-24.3%

Net Debt (used)$2.93B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$39.00	$48.78	$60.16	$73.33	$88.49
8.0%	$30.40	$38.27	$47.41	$57.98	$70.14
9.0%	$24.44	$30.99	$38.59	$47.37	$57.45
10.0%	$20.06	$25.65	$32.13	$39.59	$48.16
11.0%	$16.71	$21.57	$27.18	$33.65	$41.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.59

Book Value / share($)Yahoo: $20.59

Results

Graham Number$27.14

Current Price$58.58

Margin of Safety-53.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.31%

Terminal growth rate(%)

Computed WACC: 8.31%

Cost of equity (Re)9.79%(Rf 4.30% + β 1.00 × 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)84.91%

Debt weight (D/V)15.09%

Results

Current Price$58.58

Implied Near-term FCF Growth8.9%

Historical Revenue Growth4.6%

Historical Earnings Growth-2.6%

Base FCF (TTM)$855.86M

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: $0.26

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.36

Current Price$58.58

Upside / Downside-90.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.16B

Target EV/EBITDA multipleCurrent: 18.1×

Net Debt($B)Default: $2.93B

Results

Implied Equity Value / share$57.57

Current Price$58.58

Upside / Downside-1.7%

Implied EV$20.97B

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

Mult \ Net Debt	$931.10M	$1.93B	$2.93B	$3.93B	$4.93B
14.1x	$49.17	$45.98	$42.78	$39.59	$36.40
16.1x	$56.56	$53.37	$50.18	$46.99	$43.79
18.1x	$63.95	$60.76	$57.57	$54.38	$51.19
20.1x	$71.34	$68.15	$64.96	$61.77	$58.58
22.1x	$78.73	$75.54	$72.35	$69.16	$65.97

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