IR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($93.97)
DCF	$94.79	+0.9%
Graham Number	$29.01	-69.1%
Reverse DCF	—	implied g: 18.3%
DDM	$1.65	-98.2%
EV/EBITDA	$94.14	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.08B

Near-term growth (yrs 1–5)(%)Rev: 10.1% / EPS: 18.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.10%

Computed WACC: 10.10%

Cost of equity (Re)11.50%(Rf 4.30% + β 1.31 × 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)87.82%

Debt weight (D/V)12.18%

Results

Intrinsic Value / share$77.66

Current Price$93.97

Upside / Downside-17.4%

Net Debt (used)$3.88B

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

WACC \ Near-term	10.4%	14.4%	18.4%	22.4%	26.4%
7.0%	$103.25	$124.11	$148.02	$175.30	$206.30
8.0%	$80.99	$97.53	$116.48	$138.08	$162.62
9.0%	$65.67	$79.25	$94.79	$112.50	$132.60
10.0%	$54.51	$65.94	$79.00	$93.88	$110.75
11.0%	$46.03	$55.83	$67.03	$79.76	$94.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.45

Book Value / share($)Yahoo: $25.80

Results

Graham Number$29.01

Current Price$93.97

Margin of Safety-69.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.10%

Terminal growth rate(%)

Computed WACC: 10.10%

Cost of equity (Re)11.50%(Rf 4.30% + β 1.31 × 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)87.82%

Debt weight (D/V)12.18%

Results

Current Price$93.97

Implied Near-term FCF Growth21.5%

Historical Revenue Growth10.1%

Historical Earnings Growth18.4%

Base FCF (TTM)$1.08B

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: $0.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$1.65

Current Price$93.97

Upside / Downside-98.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.02B

Target EV/EBITDA multipleCurrent: 20.2×

Net Debt($B)Default: $3.88B

Results

Implied Equity Value / share$94.14

Current Price$93.97

Upside / Downside+0.2%

Implied EV$40.75B

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

Mult \ Net Debt	$1.88B	$2.88B	$3.88B	$4.88B	$5.88B
16.2x	$78.65	$76.10	$73.55	$70.99	$68.44
18.2x	$88.95	$86.39	$83.84	$81.29	$78.73
20.2x	$99.24	$96.69	$94.14	$91.58	$89.03
22.2x	$109.54	$106.98	$104.43	$101.88	$99.32
24.2x	$119.83	$117.28	$114.73	$112.17	$109.62

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