GPN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($77.89)
DCF	$60.18	-22.7%
Graham Number	$99.06	+27.2%
Reverse DCF	—	implied g: 7.6%
DDM	$20.60	-73.6%
EV/EBITDA	$81.08	+4.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.75B

Near-term growth (yrs 1–5)(%)Rev: 0.0% / EPS: -59.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.46%

Computed WACC: 5.46%

Cost of equity (Re)8.33%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)3.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)49.57%

Debt weight (D/V)50.43%

Results

Intrinsic Value / share$192.98

Current Price$77.89

Upside / Downside+147.8%

Net Debt (used)$13.85B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$61.12	$83.49	$109.51	$139.63	$174.32
8.0%	$41.44	$59.44	$80.36	$104.53	$132.34
9.0%	$27.80	$42.79	$60.18	$80.25	$103.31
10.0%	$17.79	$30.58	$45.39	$62.46	$82.06
11.0%	$10.12	$21.23	$34.08	$48.88	$65.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.51

Book Value / share($)Yahoo: $96.70

Results

Graham Number$99.06

Current Price$77.89

Margin of Safety+27.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.46%

Terminal growth rate(%)

Computed WACC: 5.46%

Cost of equity (Re)8.33%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)3.35%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)49.57%

Debt weight (D/V)50.43%

Results

Current Price$77.89

Implied Near-term FCF Growth-4.7%

Historical Revenue Growth0.0%

Historical Earnings Growth-59.2%

Base FCF (TTM)$1.75B

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$77.89

Upside / Downside-73.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.44B

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $13.85B

Results

Implied Equity Value / share$81.08

Current Price$77.89

Upside / Downside+4.1%

Implied EV$36.55B

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

Mult \ Net Debt	$7.85B	$10.85B	$13.85B	$16.85B	$19.85B
6.6x	$53.37	$42.65	$31.93	$21.21	$10.49
8.6x	$77.94	$67.22	$56.50	$45.78	$35.07
10.6x	$102.51	$91.79	$81.08	$70.36	$59.64
12.6x	$127.09	$116.37	$105.65	$94.93	$84.21
14.6x	$151.66	$140.94	$130.22	$119.51	$108.79

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