GM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($76.15)
DCF	$51.29	-32.6%
Graham Number	$70.53	-7.4%
Reverse DCF	—	implied g: 7.4%
DDM	$14.83	-80.5%
EV/EBITDA	$80.03	+5.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $8.56B

Near-term growth (yrs 1–5)(%)Rev: -5.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.12%

Computed WACC: 4.12%

Cost of equity (Re)11.76%(Rf 4.30% + β 1.36 × 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)35.06%

Debt weight (D/V)64.94%

Results

Intrinsic Value / share$558.48

Current Price$76.15

Upside / Downside+633.4%

Net Debt (used)$103.91B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$52.72	$86.63	$126.07	$171.73	$224.31
8.0%	$22.89	$50.18	$81.88	$118.52	$160.67
9.0%	$2.21	$24.93	$51.29	$81.72	$116.67
10.0%	$-12.97	$6.42	$28.87	$54.75	$84.46
11.0%	$-24.59	$-7.74	$11.74	$34.16	$59.87

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.27

Book Value / share($)Yahoo: $67.61

Results

Graham Number$70.53

Current Price$76.15

Margin of Safety-7.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.12%

Terminal growth rate(%)

Computed WACC: 4.12%

Cost of equity (Re)11.76%(Rf 4.30% + β 1.36 × 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)35.06%

Debt weight (D/V)64.94%

Results

Current Price$76.15

Implied Near-term FCF Growth-12.6%

Historical Revenue Growth-5.1%

Historical Earnings Growth—

Base FCF (TTM)$8.56B

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: $0.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.83

Current Price$76.15

Upside / Downside-80.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $17.63B

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: $103.91B

Results

Implied Equity Value / share$80.03

Current Price$76.15

Upside / Downside+5.1%

Implied EV$176.25B

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

Mult \ Net Debt	$51.91B	$77.91B	$103.91B	$129.91B	$155.91B
6.0x	$59.55	$30.79	$2.02	$-26.74	$-55.50
8.0x	$98.55	$69.79	$41.03	$12.27	$-16.50
10.0x	$137.56	$108.79	$80.03	$51.27	$22.51
12.0x	$176.56	$147.80	$119.03	$90.27	$61.51
14.0x	$215.56	$186.80	$158.04	$129.28	$100.51

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