GLW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($150.38)
DCF	$549.01	+265.1%
Graham Number	$23.82	-84.2%
Reverse DCF	—	implied g: 50.8%
DDM	$23.07	-84.7%
EV/EBITDA	$150.96	+0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $636.50M

Near-term growth (yrs 1–5)(%)Rev: 20.4% / EPS: 77.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.77%

Computed WACC: 9.77%

Cost of equity (Re)10.48%(Rf 4.30% + β 1.12 × 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)93.22%

Debt weight (D/V)6.78%

Results

Intrinsic Value / share$468.84

Current Price$150.38

Upside / Downside+211.8%

Net Debt (used)$7.85B

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

WACC \ Near-term	69.4%	73.4%	77.4%	81.4%	85.4%
7.0%	$709.86	$798.32	$895.31	$1001.41	$1117.26
8.0%	$546.16	$614.37	$689.15	$770.95	$860.26
9.0%	$434.88	$489.33	$549.01	$614.30	$685.58
10.0%	$354.90	$399.46	$448.31	$501.73	$560.05
11.0%	$295.05	$332.22	$372.95	$417.50	$466.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.83

Book Value / share($)Yahoo: $13.78

Results

Graham Number$23.82

Current Price$150.38

Margin of Safety-84.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.77%

Terminal growth rate(%)

Computed WACC: 9.77%

Cost of equity (Re)10.48%(Rf 4.30% + β 1.12 × 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)93.22%

Debt weight (D/V)6.78%

Results

Current Price$150.38

Implied Near-term FCF Growth53.8%

Historical Revenue Growth20.4%

Historical Earnings Growth77.4%

Base FCF (TTM)$636.50M

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: $1.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.07

Current Price$150.38

Upside / Downside-84.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.67B

Target EV/EBITDA multipleCurrent: 37.4×

Net Debt($B)Default: $7.85B

Results

Implied Equity Value / share$150.96

Current Price$150.38

Upside / Downside+0.4%

Implied EV$137.37B

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

Mult \ Net Debt	$3.85B	$5.85B	$7.85B	$9.85B	$11.85B
33.4x	$138.51	$136.18	$133.85	$131.52	$129.18
35.4x	$147.07	$144.74	$142.40	$140.07	$137.74
37.4x	$155.62	$153.29	$150.96	$148.63	$146.30
39.4x	$164.18	$161.85	$159.52	$157.19	$154.86
41.4x	$172.74	$170.41	$168.08	$165.75	$163.42

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