IQV — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($171.68)
DCF	$583.87	+240.1%
Graham Number	$82.24	-52.1%
Reverse DCF	—	implied g: 6.8%
DDM	—	—
EV/EBITDA	$175.02	+1.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.22B

Near-term growth (yrs 1–5)(%)Rev: 10.3% / EPS: 23.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.29%

Computed WACC: 9.29%

Cost of equity (Re)12.06%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)5.46%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)64.20%

Debt weight (D/V)35.80%

Results

Intrinsic Value / share$550.51

Current Price$171.68

Upside / Downside+220.7%

Net Debt (used)$14.16B

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

WACC \ Near-term	15.6%	19.6%	23.6%	27.6%	31.6%
7.0%	$654.61	$785.58	$934.88	$1104.39	$1296.10
8.0%	$505.48	$608.91	$726.74	$860.44	$1011.58
9.0%	$403.06	$487.61	$583.87	$693.03	$816.35
10.0%	$328.61	$399.46	$480.08	$571.43	$674.59
11.0%	$272.21	$332.71	$401.50	$479.41	$567.33

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.84

Book Value / share($)Yahoo: $38.34

Results

Graham Number$82.24

Current Price$171.68

Margin of Safety-52.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.29%

Terminal growth rate(%)

Computed WACC: 9.29%

Cost of equity (Re)12.06%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)5.46%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)64.20%

Debt weight (D/V)35.80%

Results

Current Price$171.68

Implied Near-term FCF Growth7.6%

Historical Revenue Growth10.3%

Historical Earnings Growth23.6%

Base FCF (TTM)$2.22B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$171.68

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.94B

Target EV/EBITDA multipleCurrent: 14.9×

Net Debt($B)Default: $14.16B

Results

Implied Equity Value / share$175.02

Current Price$171.68

Upside / Downside+1.9%

Implied EV$43.86B

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

Mult \ Net Debt	$6.16B	$10.16B	$14.16B	$18.16B	$22.16B
10.9x	$152.91	$129.34	$105.77	$82.19	$58.62
12.9x	$187.53	$163.96	$140.39	$116.82	$93.25
14.9x	$222.16	$198.59	$175.02	$151.45	$127.87
16.9x	$256.78	$233.21	$209.64	$186.07	$162.50
18.9x	$291.41	$267.84	$244.27	$220.70	$197.13

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