H — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($159.81)
DCF	$255.12	+59.6%
Graham Number	—	—
Reverse DCF	—	implied g: 11.9%
DDM	$12.36	-92.3%
EV/EBITDA	$373.09	+133.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $394.50M

Near-term growth (yrs 1–5)(%)Rev: 17.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.50%

Computed WACC: 8.50%

Cost of equity (Re)11.07%(Rf 4.30% + β 1.23 × 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)76.82%

Debt weight (D/V)23.18%

Results

Intrinsic Value / share$288.33

Current Price$159.81

Upside / Downside+80.4%

Net Debt (used)$3.74B

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

WACC \ Near-term	9.5%	13.5%	17.5%	21.5%	25.5%
7.0%	$282.16	$351.32	$430.66	$521.26	$624.31
8.0%	$209.19	$264.09	$327.01	$398.82	$480.43
9.0%	$158.96	$204.06	$255.71	$314.61	$381.50
10.0%	$122.35	$160.33	$203.79	$253.30	$309.50
11.0%	$94.54	$127.13	$164.38	$206.80	$254.90

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.54

Book Value / share($)Yahoo: $35.24

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$159.81

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.50%

Terminal growth rate(%)

Computed WACC: 8.50%

Cost of equity (Re)11.07%(Rf 4.30% + β 1.23 × 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)76.82%

Debt weight (D/V)23.18%

Results

Current Price$159.81

Implied Near-term FCF Growth10.4%

Historical Revenue Growth17.5%

Historical Earnings Growth—

Base FCF (TTM)$394.50M

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: $0.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.36

Current Price$159.81

Upside / Downside-92.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $846.00M

Target EV/EBITDA multipleCurrent: 22.7×

Net Debt($B)Default: $3.74B

Results

Implied Equity Value / share$373.09

Current Price$159.81

Upside / Downside+133.5%

Implied EV$19.17B

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

Mult \ Net Debt	$1.74B	$2.74B	$3.74B	$4.74B	$5.74B
18.7x	$339.61	$315.42	$291.23	$267.04	$242.84
20.7x	$380.54	$356.35	$332.16	$307.97	$283.78
22.7x	$421.48	$397.28	$373.09	$348.90	$324.71
24.7x	$462.41	$438.22	$414.03	$389.83	$365.64
26.7x	$503.34	$479.15	$454.96	$430.77	$406.57

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