GIII — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.41)
DCF	$132.42	+350.2%
Graham Number	$55.77	+89.6%
Reverse DCF	—	implied g: -19.7%
DDM	$8.24	-72.0%
EV/EBITDA	$30.56	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $323.98M

Near-term growth (yrs 1–5)(%)Rev: -9.0% / EPS: -27.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.30%

Computed WACC: 9.30%

Cost of equity (Re)11.43%(Rf 4.30% + β 1.30 × 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)81.31%

Debt weight (D/V)18.69%

Results

Intrinsic Value / share$126.40

Current Price$29.41

Upside / Downside+329.8%

Net Debt (used)$101.42M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$133.57	$161.07	$193.06	$230.09	$272.73
8.0%	$109.38	$131.51	$157.22	$186.94	$221.12
9.0%	$92.61	$111.04	$132.42	$157.09	$185.44
10.0%	$80.30	$96.03	$114.23	$135.22	$159.32
11.0%	$70.88	$84.54	$100.34	$118.52	$139.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.26

Book Value / share($)Yahoo: $42.41

Results

Graham Number$55.77

Current Price$29.41

Margin of Safety+89.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.30%

Terminal growth rate(%)

Computed WACC: 9.30%

Cost of equity (Re)11.43%(Rf 4.30% + β 1.30 × 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)81.31%

Debt weight (D/V)18.69%

Results

Current Price$29.41

Implied Near-term FCF Growth-19.2%

Historical Revenue Growth-9.0%

Historical Earnings Growth-27.8%

Base FCF (TTM)$323.98M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$29.41

Upside / Downside-72.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $246.49M

Target EV/EBITDA multipleCurrent: 5.6×

Net Debt($B)Default: $101.42M

Results

Implied Equity Value / share$30.56

Current Price$29.41

Upside / Downside+3.9%

Implied EV$1.39B

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

Mult \ Net Debt	-$1.90B	-$898.58M	$101.42M	$1.10B	$2.10B
1.6x	$54.59	$30.89	$7.19	$-16.51	$-40.22
3.6x	$66.28	$42.58	$18.87	$-4.83	$-28.53
5.6x	$77.96	$54.26	$30.56	$6.86	$-16.85
7.6x	$89.65	$65.95	$42.24	$18.54	$-5.16
9.6x	$101.33	$77.63	$53.93	$30.23	$6.52

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