IDCC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($370.43)
DCF	$347.42	-6.2%
Graham Number	$106.64	-71.2%
Reverse DCF	—	implied g: 6.2%
DDM	$57.68	-84.4%
EV/EBITDA	$378.83	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $465.55M

Near-term growth (yrs 1–5)(%)Rev: -37.4% / EPS: -70.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.39%

Computed WACC: 12.39%

Cost of equity (Re)13.03%(Rf 4.30% + β 1.59 × 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)95.09%

Debt weight (D/V)4.91%

Results

Intrinsic Value / share$237.15

Current Price$370.43

Upside / Downside-36.0%

Net Debt (used)-$750.86M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$350.15	$415.05	$490.55	$577.94	$678.58
8.0%	$293.05	$345.28	$405.96	$476.09	$556.77
9.0%	$253.48	$296.97	$347.42	$405.65	$472.56
10.0%	$224.43	$261.53	$304.51	$354.05	$410.90
11.0%	$202.19	$234.43	$271.71	$314.63	$363.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $11.79

Book Value / share($)Yahoo: $42.87

Results

Graham Number$106.64

Current Price$370.43

Margin of Safety-71.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.39%

Terminal growth rate(%)

Computed WACC: 12.39%

Cost of equity (Re)13.03%(Rf 4.30% + β 1.59 × 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)95.09%

Debt weight (D/V)4.91%

Results

Current Price$370.43

Implied Near-term FCF Growth14.3%

Historical Revenue Growth-37.4%

Historical Earnings Growth-70.5%

Base FCF (TTM)$465.55M

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: $2.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$57.68

Current Price$370.43

Upside / Downside-84.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $539.28M

Target EV/EBITDA multipleCurrent: 16.7×

Net Debt($B)Default: -$750.86M

Results

Implied Equity Value / share$378.83

Current Price$370.43

Upside / Downside+2.3%

Implied EV$8.98B

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

Mult \ Net Debt	-$2.75B	-$1.75B	-$750.86M	$249.14M	$1.25B
12.7x	$372.72	$333.79	$294.86	$255.92	$216.99
14.7x	$414.71	$375.78	$336.84	$297.91	$258.98
16.7x	$456.69	$417.76	$378.83	$339.90	$300.97
18.7x	$498.68	$459.75	$420.82	$381.89	$342.96
20.7x	$540.67	$501.74	$462.81	$423.88	$384.95

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