GRMN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($255.16)
DCF	$196.71	-22.9%
Graham Number	$95.38	-62.6%
Reverse DCF	—	implied g: 26.2%
DDM	$86.52	-66.1%
EV/EBITDA	$255.16	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $790.87M

Near-term growth (yrs 1–5)(%)Rev: 16.6% / EPS: 21.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.76%

Computed WACC: 9.76%

Cost of equity (Re)9.79%(Rf 4.30% + β 1.00 × 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)99.60%

Debt weight (D/V)0.40%

Results

Intrinsic Value / share$174.58

Current Price$255.16

Upside / Downside-31.6%

Net Debt (used)-$2.54B

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

WACC \ Near-term	13.2%	17.2%	21.2%	25.2%	29.2%
7.0%	$214.06	$250.34	$291.79	$338.96	$392.43
8.0%	$173.95	$202.65	$235.43	$272.70	$314.92
9.0%	$146.38	$169.89	$196.71	$227.19	$261.71
10.0%	$126.31	$146.05	$168.56	$194.11	$223.03
11.0%	$111.10	$127.99	$147.22	$169.05	$193.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.68

Book Value / share($)Yahoo: $46.58

Results

Graham Number$95.38

Current Price$255.16

Margin of Safety-62.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.76%

Terminal growth rate(%)

Computed WACC: 9.76%

Cost of equity (Re)9.79%(Rf 4.30% + β 1.00 × 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)99.60%

Debt weight (D/V)0.40%

Results

Current Price$255.16

Implied Near-term FCF Growth28.6%

Historical Revenue Growth16.6%

Historical Earnings Growth21.2%

Base FCF (TTM)$790.87M

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: $4.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$86.52

Current Price$255.16

Upside / Downside-66.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.06B

Target EV/EBITDA multipleCurrent: 22.6×

Net Debt($B)Default: -$2.54B

Results

Implied Equity Value / share$255.16

Current Price$255.16

Upside / Downside+0.0%

Implied EV$46.57B

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

Mult \ Net Debt	-$4.54B	-$3.54B	-$2.54B	-$1.54B	-$541.86M
18.6x	$222.64	$217.45	$212.25	$207.06	$201.86
20.6x	$244.10	$238.90	$233.71	$228.51	$223.32
22.6x	$265.55	$260.36	$255.16	$249.97	$244.77
24.6x	$287.01	$281.81	$276.62	$271.42	$266.23
26.6x	$308.46	$303.27	$298.07	$292.88	$287.68

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