FWONA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($83.93)
DCF	$920.30	+996.5%
Graham Number	$40.60	-51.6%
Reverse DCF	—	implied g: -6.3%
DDM	—	—
EV/EBITDA	$908.23	+982.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $654.25M

Near-term growth (yrs 1–5)(%)Rev: 19.1% / EPS: -49.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.59%

Computed WACC: 6.59%

Cost of equity (Re)8.21%(Rf 4.30% + β 0.71 × 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)80.28%

Debt weight (D/V)19.72%

Results

Intrinsic Value / share$1657.69

Current Price$83.93

Upside / Downside+1875.1%

Net Debt (used)$3.87B

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

WACC \ Near-term	11.1%	15.1%	19.1%	23.1%	27.1%
7.0%	$1013.63	$1229.15	$1475.97	$1757.40	$2077.00
8.0%	$781.46	$952.30	$1147.78	$1370.52	$1623.31
9.0%	$621.76	$761.91	$922.16	$1104.62	$1311.56
10.0%	$505.45	$623.32	$757.97	$911.17	$1084.82
11.0%	$417.18	$518.17	$633.45	$764.51	$912.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.31

Book Value / share($)Yahoo: $31.72

Results

Graham Number$40.60

Current Price$83.93

Margin of Safety-51.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.59%

Terminal growth rate(%)

Computed WACC: 6.59%

Cost of equity (Re)8.21%(Rf 4.30% + β 0.71 × 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)80.28%

Debt weight (D/V)19.72%

Results

Current Price$83.93

Implied Near-term FCF Growth-12.6%

Historical Revenue Growth19.1%

Historical Earnings Growth-49.7%

Base FCF (TTM)$654.25M

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$83.93

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $868.00M

Target EV/EBITDA multipleCurrent: 29.6×

Net Debt($B)Default: $3.87B

Results

Implied Equity Value / share$908.23

Current Price$83.93

Upside / Downside+982.1%

Implied EV$25.66B

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

Mult \ Net Debt	$1.87B	$2.87B	$3.87B	$4.87B	$5.87B
25.6x	$846.87	$805.19	$763.51	$721.83	$680.15
27.6x	$919.23	$877.55	$835.87	$794.19	$752.51
29.6x	$991.60	$949.91	$908.23	$866.55	$824.87
31.6x	$1063.96	$1022.27	$980.59	$938.91	$897.23
33.6x	$1136.32	$1094.63	$1052.95	$1011.27	$969.59

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