IFF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($80.75)
DCF	$188.50	+133.4%
Graham Number	—	—
Reverse DCF	—	implied g: -7.0%
DDM	$32.96	-59.2%
EV/EBITDA	$80.68	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.09B

Near-term growth (yrs 1–5)(%)Rev: -6.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.44%

Computed WACC: 7.44%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.00 × 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)75.68%

Debt weight (D/V)24.32%

Results

Intrinsic Value / share$256.30

Current Price$80.75

Upside / Downside+217.4%

Net Debt (used)$6.06B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$190.32	$233.59	$283.94	$342.20	$409.31
8.0%	$152.24	$187.07	$227.53	$274.29	$328.09
9.0%	$125.86	$154.86	$188.50	$227.33	$271.94
10.0%	$106.49	$131.23	$159.88	$192.92	$230.83
11.0%	$91.66	$113.15	$138.01	$166.63	$199.44

2 — Graham Number

Assumptions

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

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

Book Value / share($)Yahoo: $55.35

Results

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

Graham Number—

Current Price$80.75

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.44%

Terminal growth rate(%)

Computed WACC: 7.44%

Cost of equity (Re)9.83%(Rf 4.30% + β 1.00 × 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)75.68%

Debt weight (D/V)24.32%

Results

Current Price$80.75

Implied Near-term FCF Growth-10.8%

Historical Revenue Growth-6.6%

Historical Earnings Growth—

Base FCF (TTM)$3.09B

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$80.75

Upside / Downside-59.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.86B

Target EV/EBITDA multipleCurrent: 14.4×

Net Debt($B)Default: $6.06B

Results

Implied Equity Value / share$80.68

Current Price$80.75

Upside / Downside-0.1%

Implied EV$26.72B

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

Mult \ Net Debt	$2.06B	$4.06B	$6.06B	$8.06B	$10.06B
10.4x	$67.28	$59.47	$51.66	$43.85	$36.04
12.4x	$81.79	$73.98	$66.17	$58.36	$50.55
14.4x	$96.30	$88.49	$80.68	$72.87	$65.06
16.4x	$110.81	$103.00	$95.19	$87.38	$79.57
18.4x	$125.32	$117.51	$109.70	$101.89	$94.08

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