IIPR-PA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.84)
DCF	$243.36	+965.5%
Graham Number	$83.56	+265.9%
Reverse DCF	—	implied g: -20.0%
DDM	$46.35	+102.9%
EV/EBITDA	$70.63	+209.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $155.22M

Near-term growth (yrs 1–5)(%)Rev: -13.1% / EPS: -22.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.49%

Computed WACC: 8.49%

Cost of equity (Re)12.50%(Rf 4.30% + β 1.49 × 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)67.88%

Debt weight (D/V)32.12%

Results

Intrinsic Value / share$267.37

Current Price$22.84

Upside / Downside+1070.6%

Net Debt (used)$346.07M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$245.75	$302.61	$368.76	$445.31	$533.49
8.0%	$195.73	$241.49	$294.65	$356.09	$426.77
9.0%	$161.06	$199.16	$243.36	$294.38	$353.00
10.0%	$135.61	$168.12	$205.76	$249.17	$298.98
11.0%	$116.12	$144.37	$177.03	$214.63	$257.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.83

Book Value / share($)Yahoo: $64.24

Results

Graham Number$83.56

Current Price$22.84

Margin of Safety+265.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.49%

Terminal growth rate(%)

Computed WACC: 8.49%

Cost of equity (Re)12.50%(Rf 4.30% + β 1.49 × 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)67.88%

Debt weight (D/V)32.12%

Results

Current Price$22.84

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-13.1%

Historical Earnings Growth-22.1%

Base FCF (TTM)$155.22M

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: $2.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.35

Current Price$22.84

Upside / Downside+102.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $204.05M

Target EV/EBITDA multipleCurrent: 5.1×

Net Debt($B)Default: $346.07M

Results

Implied Equity Value / share$70.63

Current Price$22.84

Upside / Downside+209.3%

Implied EV$1.04B

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

Mult \ Net Debt	-$1.65B	-$653.92M	$346.07M	$1.35B	$2.35B
1.1x	$191.73	$89.44	$-12.86	$-115.15	$-217.45
3.1x	$233.47	$131.18	$28.89	$-73.41	$-175.70
5.1x	$275.22	$172.93	$70.63	$-31.66	$-133.95
7.1x	$316.97	$214.67	$112.38	$10.09	$-92.21
9.1x	$358.71	$256.42	$154.13	$51.83	$-50.46

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