GS-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.01)
DCF	$650.42	+3150.5%
Graham Number	$642.88	+3112.8%
Reverse DCF	—	—
DDM	$25.75	+28.7%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 15.2% / EPS: 17.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.47%

Computed WACC: 7.47%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)8.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)8.98%

Debt weight (D/V)91.02%

Results

Intrinsic Value / share$650.42

Current Price$20.01

Upside / Downside+3150.5%

Net Debt (used)-$249.05B

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

WACC \ Near-term	9.3%	13.3%	17.3%	21.3%	25.3%
7.0%	$650.42	$650.42	$650.42	$650.42	$650.42
8.0%	$650.42	$650.42	$650.42	$650.42	$650.42
9.0%	$650.42	$650.42	$650.42	$650.42	$650.42
10.0%	$650.42	$650.42	$650.42	$650.42	$650.42
11.0%	$650.42	$650.42	$650.42	$650.42	$650.42

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $51.53

Book Value / share($)Yahoo: $356.47

Results

Graham Number$642.88

Current Price$20.01

Margin of Safety+3112.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.47%

Terminal growth rate(%)

Computed WACC: 7.47%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)8.94%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)8.98%

Debt weight (D/V)91.02%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$20.01

Implied Near-term FCF Growth—

Historical Revenue Growth15.2%

Historical Earnings Growth17.3%

Base FCF (TTM)—

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: $1.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.75

Current Price$20.01

Upside / Downside+28.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$249.05B

Results

Implied Equity Value / share$650.42

Current Price$20.01

Upside / Downside+3150.5%

Implied EV$0

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