GIC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.56)
DCF	$150.73	+362.9%
Graham Number	$18.47	-43.3%
Reverse DCF	—	implied g: 8.4%
DDM	$21.84	-32.9%
EV/EBITDA	$33.43	+2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $60.04M

Near-term growth (yrs 1–5)(%)Rev: 14.3% / EPS: 35.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.31%

Computed WACC: 8.31%

Cost of equity (Re)8.99%(Rf 4.30% + β 0.85 × 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)92.37%

Debt weight (D/V)7.63%

Results

Intrinsic Value / share$173.15

Current Price$32.56

Upside / Downside+431.8%

Net Debt (used)$36.10M

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

WACC \ Near-term	27.4%	31.4%	35.4%	39.4%	43.4%
7.0%	$174.60	$203.17	$235.38	$271.58	$312.13
8.0%	$137.51	$159.89	$185.12	$213.46	$245.19
9.0%	$112.12	$130.28	$150.73	$173.70	$199.41
10.0%	$93.74	$108.84	$125.84	$144.92	$166.28
11.0%	$79.87	$92.67	$107.07	$123.23	$141.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.85

Book Value / share($)Yahoo: $8.20

Results

Graham Number$18.47

Current Price$32.56

Margin of Safety-43.3%

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)8.99%(Rf 4.30% + β 0.85 × 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)92.37%

Debt weight (D/V)7.63%

Results

Current Price$32.56

Implied Near-term FCF Growth6.5%

Historical Revenue Growth14.3%

Historical Earnings Growth35.4%

Base FCF (TTM)$60.04M

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: $1.06

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.84

Current Price$32.56

Upside / Downside-32.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $105.30M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: $36.10M

Results

Implied Equity Value / share$33.43

Current Price$32.56

Upside / Downside+2.7%

Implied EV$1.32B

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

Mult \ Net Debt	-$1.96B	-$963.90M	$36.10M	$1.04B	$2.04B
8.6x	$74.45	$48.47	$22.49	$-3.49	$-29.47
10.6x	$79.92	$53.94	$27.96	$1.98	$-24.00
12.6x	$85.39	$59.41	$33.43	$7.45	$-18.53
14.6x	$90.86	$64.88	$38.90	$12.92	$-13.05
16.6x	$96.33	$70.35	$44.37	$18.39	$-7.58

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