IPAR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($99.18)
DCF	$2.73	-97.2%
Graham Number	$56.90	-42.6%
Reverse DCF	—	—
DDM	$65.92	-33.5%
EV/EBITDA	$107.74	+8.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 6.8% / EPS: 15.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.41%

Computed WACC: 10.41%

Cost of equity (Re)11.09%(Rf 4.30% + β 1.23 × 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)93.87%

Debt weight (D/V)6.13%

Results

Intrinsic Value / share$2.73

Current Price$99.18

Upside / Downside-97.2%

Net Debt (used)-$87.46M

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

WACC \ Near-term	7.9%	11.9%	15.9%	19.9%	23.9%
7.0%	$2.73	$2.73	$2.73	$2.73	$2.73
8.0%	$2.73	$2.73	$2.73	$2.73	$2.73
9.0%	$2.73	$2.73	$2.73	$2.73	$2.73
10.0%	$2.73	$2.73	$2.73	$2.73	$2.73
11.0%	$2.73	$2.73	$2.73	$2.73	$2.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.24

Book Value / share($)Yahoo: $27.46

Results

Graham Number$56.90

Current Price$99.18

Margin of Safety-42.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.41%

Terminal growth rate(%)

Computed WACC: 10.41%

Cost of equity (Re)11.09%(Rf 4.30% + β 1.23 × 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)93.87%

Debt weight (D/V)6.13%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$99.18

Implied Near-term FCF Growth—

Historical Revenue Growth6.8%

Historical Earnings Growth15.9%

Base FCF (TTM)—

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: $3.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$65.92

Current Price$99.18

Upside / Downside-33.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $295.43M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: -$87.46M

Results

Implied Equity Value / share$107.74

Current Price$99.18

Upside / Downside+8.6%

Implied EV$3.37B

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

Mult \ Net Debt	-$2.09B	-$1.09B	-$87.46M	$912.54M	$1.91B
7.4x	$133.26	$102.08	$70.89	$39.71	$8.52
9.4x	$151.69	$120.50	$89.32	$58.13	$26.95
11.4x	$170.11	$138.93	$107.74	$76.56	$45.38
13.4x	$188.54	$157.36	$126.17	$94.99	$63.80
15.4x	$206.97	$175.78	$144.60	$113.41	$82.23

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