ICE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($164.13)
DCF	$275.75	+68.0%
Graham Number	$81.44	-50.4%
Reverse DCF	—	implied g: 15.5%
DDM	$42.85	-73.9%
EV/EBITDA	$164.26	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.49B

Near-term growth (yrs 1–5)(%)Rev: 7.8% / EPS: 23.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.20%

Computed WACC: 8.20%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)82.16%

Debt weight (D/V)17.84%

Results

Intrinsic Value / share$326.88

Current Price$164.13

Upside / Downside+99.2%

Net Debt (used)$19.48B

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

WACC \ Near-term	15.4%	19.4%	23.4%	27.4%	31.4%
7.0%	$308.33	$369.22	$438.64	$517.47	$606.65
8.0%	$239.16	$287.26	$342.05	$404.24	$474.56
9.0%	$191.66	$230.98	$275.75	$326.53	$383.92
10.0%	$157.12	$190.08	$227.58	$270.09	$318.09
11.0%	$130.96	$159.11	$191.11	$227.36	$268.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.78

Book Value / share($)Yahoo: $51.00

Results

Graham Number$81.44

Current Price$164.13

Margin of Safety-50.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.20%

Terminal growth rate(%)

Computed WACC: 8.20%

Cost of equity (Re)9.98%(Rf 4.30% + β 1.03 × 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)82.16%

Debt weight (D/V)17.84%

Results

Current Price$164.13

Implied Near-term FCF Growth13.0%

Historical Revenue Growth7.8%

Historical Earnings Growth23.4%

Base FCF (TTM)$3.49B

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$164.13

Upside / Downside-73.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.18B

Target EV/EBITDA multipleCurrent: 18.3×

Net Debt($B)Default: $19.48B

Results

Implied Equity Value / share$164.26

Current Price$164.13

Upside / Downside+0.1%

Implied EV$112.76B

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

Mult \ Net Debt	$9.48B	$14.48B	$19.48B	$24.48B	$29.48B
14.3x	$138.37	$129.56	$120.76	$111.95	$103.15
16.3x	$160.12	$151.31	$142.51	$133.70	$124.90
18.3x	$181.87	$173.06	$164.26	$155.46	$146.65
20.3x	$203.62	$194.81	$186.01	$177.21	$168.40
22.3x	$225.37	$216.56	$207.76	$198.96	$190.15

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