GOLD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($56.86)
DCF	$24768.69	+43460.8%
Graham Number	$16.84	-70.4%
Reverse DCF	—	implied g: 11.8%
DDM	$16.48	-71.0%
EV/EBITDA	$53.07	-6.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $90.49M

Near-term growth (yrs 1–5)(%)Rev: 136.2% / EPS: 70.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.87%

Computed WACC: 5.87%

Cost of equity (Re)6.96%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)5.03%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)63.52%

Debt weight (D/V)36.48%

Results

Intrinsic Value / share$59222.72

Current Price$56.86

Upside / Downside+104055.3%

Net Debt (used)$766.71M

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

WACC \ Near-term	128.2%	132.2%	136.2%	140.2%	144.2%
7.0%	$34512.72	$37644.16	$40998.79	$44588.33	$48424.91
8.0%	$26366.63	$28758.76	$31321.34	$34063.32	$36993.99
9.0%	$20850.83	$22742.39	$24768.69	$26936.83	$29254.12
10.0%	$16903.71	$18437.08	$20079.65	$21837.17	$23715.56
11.0%	$13964.06	$15230.68	$16587.49	$18039.22	$19590.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.48

Book Value / share($)Yahoo: $26.26

Results

Graham Number$16.84

Current Price$56.86

Margin of Safety-70.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.87%

Terminal growth rate(%)

Computed WACC: 5.87%

Cost of equity (Re)6.96%(Rf 4.30% + β 0.48 × ERP 5.50%)

Cost of debt (Rd)5.03%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)63.52%

Debt weight (D/V)36.48%

Results

Current Price$56.86

Implied Near-term FCF Growth0.9%

Historical Revenue Growth136.2%

Historical Earnings Growth70.4%

Base FCF (TTM)$90.49M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$56.86

Upside / Downside-71.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $86.85M

Target EV/EBITDA multipleCurrent: 26.0×

Net Debt($B)Default: $766.71M

Results

Implied Equity Value / share$53.07

Current Price$56.86

Upside / Downside-6.7%

Implied EV$2.26B

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

Mult \ Net Debt	-$1.23B	-$233.29M	$766.71M	$1.77B	$2.77B
22.0x	$111.81	$76.27	$40.73	$5.19	$-30.35
24.0x	$117.98	$82.44	$46.90	$11.36	$-24.18
26.0x	$124.15	$88.61	$53.07	$17.53	$-18.01
28.0x	$130.33	$94.79	$59.25	$23.71	$-11.83
30.0x	$136.50	$100.96	$65.42	$29.88	$-5.66

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