IAC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.36)
DCF	$73.19	+95.9%
Graham Number	—	—
Reverse DCF	—	implied g: -4.7%
DDM	—	—
EV/EBITDA	$41.18	+10.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $334.50M

Near-term growth (yrs 1–5)(%)Rev: -10.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.88%

Computed WACC: 6.88%

Cost of equity (Re)10.75%(Rf 4.30% + β 1.17 × 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)63.99%

Debt weight (D/V)36.01%

Results

Intrinsic Value / share$113.64

Current Price$37.36

Upside / Downside+204.2%

Net Debt (used)$667.59M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$73.90	$90.74	$110.33	$133.01	$159.13
8.0%	$59.08	$72.63	$88.38	$106.58	$127.52
9.0%	$48.81	$60.10	$73.19	$88.30	$105.66
10.0%	$41.27	$50.90	$62.05	$74.91	$89.66
11.0%	$35.50	$43.86	$53.54	$64.68	$77.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.46

Book Value / share($)Yahoo: $61.20

Results

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

Graham Number—

Current Price$37.36

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.88%

Terminal growth rate(%)

Computed WACC: 6.88%

Cost of equity (Re)10.75%(Rf 4.30% + β 1.17 × 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)63.99%

Debt weight (D/V)36.01%

Results

Current Price$37.36

Implied Near-term FCF Growth-10.2%

Historical Revenue Growth-10.5%

Historical Earnings Growth—

Base FCF (TTM)$334.50M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$37.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $237.54M

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $667.59M

Results

Implied Equity Value / share$41.18

Current Price$37.36

Upside / Downside+10.2%

Implied EV$3.60B

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

Mult \ Net Debt	-$1.33B	-$332.41M	$667.59M	$1.67B	$2.67B
11.1x	$55.94	$41.88	$27.82	$13.76	$-0.30
13.1x	$62.62	$48.56	$34.50	$20.44	$6.38
15.1x	$69.30	$55.24	$41.18	$27.12	$13.06
17.1x	$75.98	$61.92	$47.86	$33.80	$19.74
19.1x	$82.66	$68.60	$54.54	$40.48	$26.42

← Overview Financial Statements ← Companies