ICFI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($76.19)
DCF	$30.32	-60.2%
Graham Number	$81.98	+7.6%
Reverse DCF	—	implied g: 14.6%
DDM	$11.54	-84.9%
EV/EBITDA	$77.13	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $64.20M

Near-term growth (yrs 1–5)(%)Rev: -10.6% / EPS: -27.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.75%

Computed WACC: 4.75%

Cost of equity (Re)6.69%(Rf 4.30% + β 0.43 × 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)71.01%

Debt weight (D/V)28.99%

Results

Intrinsic Value / share$147.25

Current Price$76.19

Upside / Downside+93.3%

Net Debt (used)$568.10M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$30.84	$43.31	$57.82	$74.61	$93.94
8.0%	$19.87	$29.91	$41.57	$55.04	$70.54
9.0%	$12.27	$20.63	$30.32	$41.51	$54.36
10.0%	$6.69	$13.82	$22.07	$31.59	$42.52
11.0%	$2.41	$8.61	$15.77	$24.02	$33.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.30

Book Value / share($)Yahoo: $56.36

Results

Graham Number$81.98

Current Price$76.19

Margin of Safety+7.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.75%

Terminal growth rate(%)

Computed WACC: 4.75%

Cost of equity (Re)6.69%(Rf 4.30% + β 0.43 × 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)71.01%

Debt weight (D/V)28.99%

Results

Current Price$76.19

Implied Near-term FCF Growth-2.5%

Historical Revenue Growth-10.6%

Historical Earnings Growth-27.4%

Base FCF (TTM)$64.20M

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$76.19

Upside / Downside-84.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $203.61M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $568.10M

Results

Implied Equity Value / share$77.13

Current Price$76.19

Upside / Downside+1.2%

Implied EV$1.99B

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

Mult \ Net Debt	-$1.43B	-$431.90M	$568.10M	$1.57B	$2.57B
5.8x	$141.44	$87.20	$32.95	$-21.29	$-75.53
7.8x	$163.53	$109.29	$55.04	$0.80	$-53.44
9.8x	$185.62	$131.37	$77.13	$22.89	$-31.35
11.8x	$207.70	$153.46	$99.22	$44.98	$-9.26
13.8x	$229.79	$175.55	$121.31	$67.07	$12.83

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