GMRE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($35.98)
DCF	$53.88	+49.8%
Graham Number	—	—
Reverse DCF	—	implied g: 5.5%
DDM	$61.80	+71.8%
EV/EBITDA	$43.02	+19.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $66.02M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.28%

Computed WACC: 6.28%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)57.54%

Debt weight (D/V)42.46%

Results

Intrinsic Value / share$134.77

Current Price$35.98

Upside / Downside+274.6%

Net Debt (used)$708.55M

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

WACC \ Near-term	0.6%	4.6%	8.6%	12.6%	16.6%
7.0%	$56.97	$78.66	$103.79	$132.76	$165.99
8.0%	$36.78	$54.16	$74.27	$97.42	$123.96
9.0%	$22.82	$37.23	$53.88	$73.03	$94.96
10.0%	$12.60	$24.84	$38.97	$55.20	$73.77
11.0%	$4.79	$15.39	$27.60	$41.61	$57.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.26

Book Value / share($)Yahoo: $30.61

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$35.98

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.28%

Terminal growth rate(%)

Computed WACC: 6.28%

Cost of equity (Re)10.92%(Rf 4.30% + β 1.20 × 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)57.54%

Debt weight (D/V)42.46%

Results

Current Price$35.98

Implied Near-term FCF Growth-3.1%

Historical Revenue Growth8.6%

Historical Earnings Growth—

Base FCF (TTM)$66.02M

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: $3.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$61.80

Current Price$35.98

Upside / Downside+71.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $87.53M

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: $708.55M

Results

Implied Equity Value / share$43.02

Current Price$35.98

Upside / Downside+19.6%

Implied EV$1.29B

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

Mult \ Net Debt	-$1.29B	-$291.45M	$708.55M	$1.71B	$2.71B
10.7x	$166.08	$91.50	$16.91	$-57.68	$-132.26
12.7x	$179.14	$104.55	$29.97	$-44.62	$-119.21
14.7x	$192.20	$117.61	$43.02	$-31.56	$-106.15
16.7x	$205.25	$130.67	$56.08	$-18.51	$-93.09
18.7x	$218.31	$143.72	$69.14	$-5.45	$-80.03

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