GVA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($131.72)
DCF	$218.01	+65.5%
Graham Number	$48.46	-63.2%
Reverse DCF	—	implied g: 17.0%
DDM	$10.71	-91.9%
EV/EBITDA	$134.81	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $184.49M

Near-term growth (yrs 1–5)(%)Rev: 19.2% / EPS: 25.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.00%

Computed WACC: 9.00%

Cost of equity (Re)11.35%(Rf 4.30% + β 1.28 × 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)79.33%

Debt weight (D/V)20.67%

Results

Intrinsic Value / share$218.42

Current Price$131.72

Upside / Downside+65.8%

Net Debt (used)$761.85M

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

WACC \ Near-term	17.1%	21.1%	25.1%	29.1%	33.1%
7.0%	$245.10	$291.20	$343.66	$403.15	$470.34
8.0%	$191.66	$228.02	$269.38	$316.25	$369.16
9.0%	$154.98	$184.67	$218.42	$256.64	$299.77
10.0%	$128.33	$153.18	$181.41	$213.37	$249.41
11.0%	$108.16	$129.36	$153.42	$180.64	$211.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.85

Book Value / share($)Yahoo: $27.11

Results

Graham Number$48.46

Current Price$131.72

Margin of Safety-63.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.00%

Terminal growth rate(%)

Computed WACC: 9.00%

Cost of equity (Re)11.35%(Rf 4.30% + β 1.28 × 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)79.33%

Debt weight (D/V)20.67%

Results

Current Price$131.72

Implied Near-term FCF Growth17.0%

Historical Revenue Growth19.2%

Historical Earnings Growth25.1%

Base FCF (TTM)$184.49M

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: $0.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.71

Current Price$131.72

Upside / Downside-91.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $441.87M

Target EV/EBITDA multipleCurrent: 15.0×

Net Debt($B)Default: $761.85M

Results

Implied Equity Value / share$134.81

Current Price$131.72

Upside / Downside+2.4%

Implied EV$6.63B

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

Mult \ Net Debt	-$1.24B	-$238.15M	$761.85M	$1.76B	$2.76B
11.0x	$140.16	$117.17	$94.19	$71.20	$48.21
13.0x	$160.47	$137.49	$114.50	$91.51	$68.53
15.0x	$180.79	$157.80	$134.81	$111.83	$88.84
17.0x	$201.10	$178.11	$155.13	$132.14	$109.16
19.0x	$221.42	$198.43	$175.44	$152.46	$129.47

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