GS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($937.68)
DCF	$533.46	-43.1%
Graham Number	$642.34	-31.5%
Reverse DCF	—	—
DDM	$370.80	-60.5%
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: 5.24%

Computed WACC: 5.24%

Cost of equity (Re)11.51%(Rf 4.30% + β 1.31 × ERP 5.50%)

Cost of debt (Rd)3.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)30.04%

Debt weight (D/V)69.96%

Results

Intrinsic Value / share$533.46

Current Price$937.68

Upside / Downside-43.1%

Net Debt (used)-$160.00B

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

WACC \ Near-term	9.3%	13.3%	17.3%	21.3%	25.3%
7.0%	$533.46	$533.46	$533.46	$533.46	$533.46
8.0%	$533.46	$533.46	$533.46	$533.46	$533.46
9.0%	$533.46	$533.46	$533.46	$533.46	$533.46
10.0%	$533.46	$533.46	$533.46	$533.46	$533.46
11.0%	$533.46	$533.46	$533.46	$533.46	$533.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $51.30

Book Value / share($)Yahoo: $357.46

Results

Graham Number$642.34

Current Price$937.68

Margin of Safety-31.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.24%

Terminal growth rate(%)

Computed WACC: 5.24%

Cost of equity (Re)11.51%(Rf 4.30% + β 1.31 × ERP 5.50%)

Cost of debt (Rd)3.23%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)30.04%

Debt weight (D/V)69.96%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$937.68

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: $18.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$370.80

Current Price$937.68

Upside / Downside-60.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$160.00B

Results

Implied Equity Value / share$533.46

Current Price$937.68

Upside / Downside-43.1%

Implied EV$0

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