GFF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($84.56)
DCF	$54.99	-35.0%
Graham Number	$7.29	-91.4%
Reverse DCF	—	implied g: 10.0%
DDM	$18.13	-78.6%
EV/EBITDA	$84.56	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $228.64M

Near-term growth (yrs 1–5)(%)Rev: 2.6% / EPS: -5.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.56%

Computed WACC: 9.56%

Cost of equity (Re)11.28%(Rf 4.30% + β 1.27 × ERP 5.50%)

Cost of debt (Rd)6.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.79%

Debt weight (D/V)28.21%

Results

Intrinsic Value / share$48.08

Current Price$84.56

Upside / Downside-43.1%

Net Debt (used)$1.45B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$55.73	$73.31	$93.76	$117.42	$144.68
8.0%	$40.27	$54.41	$70.85	$89.84	$111.69
9.0%	$29.55	$41.33	$54.99	$70.76	$88.88
10.0%	$21.68	$31.73	$43.37	$56.79	$72.18
11.0%	$15.66	$24.39	$34.49	$46.11	$59.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.01

Book Value / share($)Yahoo: $2.34

Results

Graham Number$7.29

Current Price$84.56

Margin of Safety-91.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.56%

Terminal growth rate(%)

Computed WACC: 9.56%

Cost of equity (Re)11.28%(Rf 4.30% + β 1.27 × ERP 5.50%)

Cost of debt (Rd)6.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)71.79%

Debt weight (D/V)28.21%

Results

Current Price$84.56

Implied Near-term FCF Growth11.6%

Historical Revenue Growth2.6%

Historical Earnings Growth-5.4%

Base FCF (TTM)$228.64M

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: $0.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.13

Current Price$84.56

Upside / Downside-78.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $519.50M

Target EV/EBITDA multipleCurrent: 10.4×

Net Debt($B)Default: $1.45B

Results

Implied Equity Value / share$84.56

Current Price$84.56

Upside / Downside+0.0%

Implied EV$5.39B

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

Mult \ Net Debt	$1.45B	$1.45B	$1.45B	$1.45B	$1.45B
6.4x	$39.95	$39.95	$39.95	$39.95	$39.95
8.4x	$62.25	$62.25	$62.25	$62.25	$62.25
10.4x	$84.56	$84.56	$84.56	$84.56	$84.56
12.4x	$106.87	$106.87	$106.87	$106.87	$106.87
14.4x	$129.17	$129.17	$129.17	$129.17	$129.17

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