GLP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.74)
DCF	$16.40	-66.4%
Graham Number	$28.97	-40.6%
Reverse DCF	—	implied g: 12.2%
DDM	$62.62	+28.5%
EV/EBITDA	$49.22	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $137.72M

Near-term growth (yrs 1–5)(%)Rev: 6.2% / EPS: -43.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.38%

Computed WACC: 4.38%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.01 × 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)44.54%

Debt weight (D/V)55.46%

Results

Intrinsic Value / share$210.09

Current Price$48.74

Upside / Downside+331.0%

Net Debt (used)$2.04B

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

WACC \ Near-term	-1.8%	2.2%	6.2%	10.2%	14.2%
7.0%	$17.58	$33.21	$51.36	$72.35	$96.49
8.0%	$3.56	$16.12	$30.69	$47.51	$66.83
9.0%	$-6.14	$4.30	$16.40	$30.34	$46.35
10.0%	$-13.26	$-4.36	$5.93	$17.77	$31.36
11.0%	$-18.71	$-10.99	$-2.07	$8.18	$19.92

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.08

Book Value / share($)Yahoo: $17.94

Results

Graham Number$28.97

Current Price$48.74

Margin of Safety-40.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.38%

Terminal growth rate(%)

Computed WACC: 4.38%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.01 × 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)44.54%

Debt weight (D/V)55.46%

Results

Current Price$48.74

Implied Near-term FCF Growth-6.8%

Historical Revenue Growth6.2%

Historical Earnings Growth-43.6%

Base FCF (TTM)$137.72M

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: $3.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$62.62

Current Price$48.74

Upside / Downside+28.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $377.87M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $2.04B

Results

Implied Equity Value / share$49.22

Current Price$48.74

Upside / Downside+1.0%

Implied EV$3.70B

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

Mult \ Net Debt	$39.59M	$1.04B	$2.04B	$3.04B	$4.04B
5.8x	$63.67	$34.10	$4.54	$-25.02	$-54.59
7.8x	$86.01	$56.45	$26.88	$-2.68	$-32.24
9.8x	$108.35	$78.79	$49.22	$19.66	$-9.90
11.8x	$130.69	$101.13	$71.57	$42.00	$12.44
13.8x	$153.03	$123.47	$93.91	$64.34	$34.78

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