GNL-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.14)
DCF	$328.45	+1319.4%
Graham Number	—	—
Reverse DCF	—	implied g: -20.0%
DDM	$37.29	+61.1%
EV/EBITDA	$68.76	+197.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.48B

Near-term growth (yrs 1–5)(%)Rev: -15.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.82%

Computed WACC: 3.82%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × 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)37.00%

Debt weight (D/V)63.00%

Results

Intrinsic Value / share$1765.27

Current Price$23.14

Upside / Downside+7528.7%

Net Debt (used)$2.38B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$331.55	$405.28	$491.06	$590.33	$704.67
8.0%	$266.68	$326.02	$394.96	$474.63	$566.29
9.0%	$221.73	$271.14	$328.45	$394.60	$470.62
10.0%	$188.72	$230.88	$279.70	$335.98	$400.57
11.0%	$163.46	$200.08	$242.44	$291.20	$347.10

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.14

Book Value / share($)Yahoo: $7.71

Results

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

Graham Number—

Current Price$23.14

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.82%

Terminal growth rate(%)

Computed WACC: 3.82%

Cost of equity (Re)10.34%(Rf 4.30% + β 1.10 × 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)37.00%

Debt weight (D/V)63.00%

Results

Current Price$23.14

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-15.1%

Historical Earnings Growth—

Base FCF (TTM)$1.48B

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: $1.81

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.29

Current Price$23.14

Upside / Downside+61.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $374.47M

Target EV/EBITDA multipleCurrent: 19.6×

Net Debt($B)Default: $2.38B

Results

Implied Equity Value / share$68.76

Current Price$23.14

Upside / Downside+197.1%

Implied EV$7.33B

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

Mult \ Net Debt	$379.25M	$1.38B	$2.38B	$3.38B	$4.38B
15.6x	$75.73	$61.85	$47.96	$34.08	$20.20
17.6x	$86.13	$72.25	$58.36	$44.48	$30.59
19.6x	$96.53	$82.64	$68.76	$54.88	$40.99
21.6x	$106.93	$93.04	$79.16	$65.27	$51.39
23.6x	$117.32	$103.44	$89.56	$75.67	$61.79

← Overview Financial Statements ← Companies