IIPR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.96)
DCF	$84.56	+59.7%
Graham Number	$75.37	+42.3%
Reverse DCF	—	implied g: -1.7%
DDM	$156.56	+195.6%
EV/EBITDA	$54.66	+3.2%

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: 9.89%

Computed WACC: 9.89%

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)79.10%

Debt weight (D/V)20.90%

Results

Intrinsic Value / share$72.76

Current Price$52.96

Upside / Downside+37.4%

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%	$85.39	$105.14	$128.12	$154.72	$185.36
8.0%	$68.00	$83.91	$102.37	$123.72	$148.28
9.0%	$55.96	$69.20	$84.56	$102.28	$122.65
10.0%	$47.12	$58.41	$71.49	$86.57	$103.88
11.0%	$40.35	$50.16	$61.51	$74.57	$89.55

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.93

Book Value / share($)Yahoo: $64.24

Results

Graham Number$75.37

Current Price$52.96

Margin of Safety+42.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.89%

Terminal growth rate(%)

Computed WACC: 9.89%

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)79.10%

Debt weight (D/V)20.90%

Results

Current Price$52.96

Implied Near-term FCF Growth0.4%

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: $7.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$156.56

Current Price$52.96

Upside / Downside+195.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $204.05M

Target EV/EBITDA multipleCurrent: 9.2×

Net Debt($B)Default: $346.07M

Results

Implied Equity Value / share$54.66

Current Price$52.96

Upside / Downside+3.2%

Implied EV$1.88B

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

Mult \ Net Debt	-$1.65B	-$653.92M	$346.07M	$1.35B	$2.35B
5.2x	$96.74	$61.19	$25.65	$-9.89	$-45.43
7.2x	$111.24	$75.70	$40.16	$4.61	$-30.93
9.2x	$125.74	$90.20	$54.66	$19.12	$-16.42
11.2x	$140.25	$104.71	$69.17	$33.62	$-1.92
13.2x	$154.75	$119.21	$83.67	$48.13	$12.59

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