ILPT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($6.09)
DCF	$-32.78	-638.2%
Graham Number	—	—
Reverse DCF	—	implied g: 19.8%
DDM	$4.12	-32.3%
EV/EBITDA	$12.26	+101.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $109.13M

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.57%

Computed WACC: 1.57%

Cost of equity (Re)17.86%(Rf 4.30% + β 2.46 × 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)8.82%

Debt weight (D/V)91.18%

Results

Intrinsic Value / share—

Current Price$6.09

Upside / Downside—

Net Debt (used)$4.10B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-32.53	$-26.67	$-19.85	$-11.95	$-2.86
8.0%	$-37.69	$-32.97	$-27.49	$-21.15	$-13.86
9.0%	$-41.26	$-37.33	$-32.78	$-27.52	$-21.47
10.0%	$-43.89	$-40.54	$-36.65	$-32.18	$-27.04
11.0%	$-45.90	$-42.98	$-39.62	$-35.74	$-31.29

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.00

Book Value / share($)Yahoo: $7.35

Results

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

Graham Number—

Current Price$6.09

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.57%

Terminal growth rate(%)

Computed WACC: 1.57%

Cost of equity (Re)17.86%(Rf 4.30% + β 2.46 × 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)8.82%

Debt weight (D/V)91.18%

Results

Current Price$6.09

Implied Near-term FCF Growth65.0%

Historical Revenue Growth3.1%

Historical Earnings Growth—

Base FCF (TTM)$109.13M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$6.09

Upside / Downside-32.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $307.26M

Target EV/EBITDA multipleCurrent: 16.0×

Net Debt($B)Default: $4.10B

Results

Implied Equity Value / share$12.26

Current Price$6.09

Upside / Downside+101.2%

Implied EV$4.92B

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

Mult \ Net Debt	$2.10B	$3.10B	$4.10B	$5.10B	$6.10B
12.0x	$23.82	$8.82	$-6.18	$-21.19	$-36.19
14.0x	$33.04	$18.04	$3.04	$-11.97	$-26.97
16.0x	$42.26	$27.26	$12.26	$-2.75	$-17.75
18.0x	$51.48	$36.48	$21.47	$6.47	$-8.53
20.0x	$60.70	$45.70	$30.69	$15.69	$0.69

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