GOLF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($101.32)
DCF	$10.20	-89.9%
Graham Number	$33.65	-66.8%
Reverse DCF	—	implied g: 33.1%
DDM	$21.01	-79.3%
EV/EBITDA	$101.18	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $80.90M

Near-term growth (yrs 1–5)(%)Rev: 7.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.86%

Computed WACC: 7.86%

Cost of equity (Re)9.28%(Rf 4.30% + β 0.91 × 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)84.77%

Debt weight (D/V)15.23%

Results

Intrinsic Value / share$16.27

Current Price$101.32

Upside / Downside-83.9%

Net Debt (used)$1.02B

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

WACC \ Near-term	-0.8%	3.2%	7.2%	11.2%	15.2%
7.0%	$10.78	$16.39	$22.90	$30.41	$39.04
8.0%	$5.67	$10.17	$15.39	$21.40	$28.31
9.0%	$2.14	$5.88	$10.20	$15.18	$20.89
10.0%	$-0.45	$2.73	$6.40	$10.63	$15.47
11.0%	$-2.43	$0.32	$3.50	$7.16	$11.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.69

Book Value / share($)Yahoo: $13.64

Results

Graham Number$33.65

Current Price$101.32

Margin of Safety-66.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.86%

Terminal growth rate(%)

Computed WACC: 7.86%

Cost of equity (Re)9.28%(Rf 4.30% + β 0.91 × 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)84.77%

Debt weight (D/V)15.23%

Results

Current Price$101.32

Implied Near-term FCF Growth28.9%

Historical Revenue Growth7.2%

Historical Earnings Growth—

Base FCF (TTM)$80.90M

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: $1.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.01

Current Price$101.32

Upside / Downside-79.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $354.72M

Target EV/EBITDA multipleCurrent: 19.6×

Net Debt($B)Default: $1.02B

Results

Implied Equity Value / share$101.18

Current Price$101.32

Upside / Downside-0.1%

Implied EV$6.95B

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

Mult \ Net Debt	$1.02B	$1.02B	$1.02B	$1.02B	$1.02B
15.6x	$76.99	$76.99	$76.99	$76.99	$76.99
17.6x	$89.08	$89.08	$89.08	$89.08	$89.08
19.6x	$101.18	$101.18	$101.18	$101.18	$101.18
21.6x	$113.27	$113.27	$113.27	$113.27	$113.27
23.6x	$125.36	$125.36	$125.36	$125.36	$125.36

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