IMKTA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($86.56)
DCF	$4004.78	+4526.6%
Graham Number	$98.67	+14.0%
Reverse DCF	—	implied g: 0.3%
DDM	$13.60	-84.3%
EV/EBITDA	$113.00	+30.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $107.98M

Near-term growth (yrs 1–5)(%)Rev: 6.6% / EPS: 70.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.86%

Computed WACC: 6.86%

Cost of equity (Re)8.13%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)3.76%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)75.31%

Debt weight (D/V)24.69%

Results

Intrinsic Value / share$6717.53

Current Price$86.56

Upside / Downside+7660.6%

Net Debt (used)$177.35M

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

WACC \ Near-term	62.1%	66.1%	70.1%	74.1%	78.1%
7.0%	$5080.62	$5735.77	$6456.87	$7248.77	$8116.58
8.0%	$3930.33	$4436.49	$4993.53	$5605.22	$6275.47
9.0%	$3147.75	$3552.59	$3998.07	$4487.19	$5023.10
10.0%	$2584.81	$2916.78	$3282.03	$3683.03	$4122.33
11.0%	$2163.17	$2440.58	$2745.78	$3080.80	$3447.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.01

Book Value / share($)Yahoo: $86.37

Results

Graham Number$98.67

Current Price$86.56

Margin of Safety+14.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.86%

Terminal growth rate(%)

Computed WACC: 6.86%

Cost of equity (Re)8.13%(Rf 4.30% + β 0.70 × ERP 5.50%)

Cost of debt (Rd)3.76%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)75.31%

Debt weight (D/V)24.69%

Results

Current Price$86.56

Implied Near-term FCF Growth-5.7%

Historical Revenue Growth6.6%

Historical Earnings Growth70.1%

Base FCF (TTM)$107.98M

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: $0.66

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.60

Current Price$86.56

Upside / Downside-84.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $265.36M

Target EV/EBITDA multipleCurrent: 6.9×

Net Debt($B)Default: $177.35M

Results

Implied Equity Value / share$113.00

Current Price$86.56

Upside / Downside+30.6%

Implied EV$1.82B

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

Mult \ Net Debt	-$1.82B	-$822.65M	$177.35M	$1.18B	$2.18B
2.9x	$177.52	$108.78	$40.05	$-28.69	$-97.42
4.9x	$214.00	$145.26	$76.53	$7.79	$-60.94
6.9x	$250.47	$181.74	$113.00	$44.27	$-24.47
8.9x	$286.95	$218.22	$149.48	$80.75	$12.01
10.9x	$323.43	$254.70	$185.96	$117.23	$48.49

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