GEL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.15)
DCF	$0.90	-95.0%
Graham Number	—	—
Reverse DCF	—	implied g: 19.3%
DDM	$14.83	-18.3%
EV/EBITDA	$26.51	+46.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $132.96M

Near-term growth (yrs 1–5)(%)Rev: 10.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.49%

Computed WACC: 3.49%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)41.64%

Debt weight (D/V)58.36%

Results

Intrinsic Value / share$159.37

Current Price$18.15

Upside / Downside+778.1%

Net Debt (used)$3.11B

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

WACC \ Near-term	2.5%	6.5%	10.5%	14.5%	18.5%
7.0%	$1.99	$7.33	$13.50	$20.60	$28.73
8.0%	$-3.12	$1.14	$6.07	$11.74	$18.22
9.0%	$-6.66	$-3.12	$0.95	$5.62	$10.97
10.0%	$-9.24	$-6.25	$-2.80	$1.16	$5.67
11.0%	$-11.21	$-8.62	$-5.65	$-2.24	$1.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.73

Book Value / share($)Yahoo: $-2.57

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative. BVPS is zero or negative.

Graham Number—

Current Price$18.15

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.49%

Terminal growth rate(%)

Computed WACC: 3.49%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)41.64%

Debt weight (D/V)58.36%

Results

Current Price$18.15

Implied Near-term FCF Growth-9.6%

Historical Revenue Growth10.5%

Historical Earnings Growth—

Base FCF (TTM)$132.96M

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$18.15

Upside / Downside-18.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $490.26M

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $3.11B

Results

Implied Equity Value / share$26.51

Current Price$18.15

Upside / Downside+46.0%

Implied EV$6.35B

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

Mult \ Net Debt	$1.11B	$2.11B	$3.11B	$4.11B	$5.11B
9.0x	$26.83	$18.66	$10.49	$2.32	$-5.85
11.0x	$34.83	$26.67	$18.50	$10.33	$2.16
13.0x	$42.84	$34.68	$26.51	$18.34	$10.17
15.0x	$50.85	$42.68	$34.52	$26.35	$18.18
17.0x	$58.86	$50.69	$42.53	$34.36	$26.19

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