IRM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($110.33)
DCF	$-199.95	-281.2%
Graham Number	—	—
Reverse DCF	—	—
DDM	$71.28	-35.4%
EV/EBITDA	$111.47	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.17B

Near-term growth (yrs 1–5)(%)Rev: 16.6% / EPS: -14.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.80%

Computed WACC: 6.80%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × 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)63.06%

Debt weight (D/V)36.94%

Results

Intrinsic Value / share$-278.46

Current Price$110.33

Upside / Downside-352.4%

Net Debt (used)$18.96B

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

WACC \ Near-term	8.6%	12.6%	16.6%	20.6%	24.6%
7.0%	$-209.69	$-236.88	$-268.10	$-303.78	$-344.40
8.0%	$-181.35	$-202.95	$-227.73	$-256.04	$-288.23
9.0%	$-161.83	$-179.60	$-199.95	$-223.19	$-249.60
10.0%	$-147.60	$-162.57	$-179.72	$-199.27	$-221.47
11.0%	$-136.79	$-149.64	$-164.35	$-181.11	$-200.13

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.49

Book Value / share($)Yahoo: $-3.32

Results

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

Graham Number—

Current Price$110.33

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.80%

Terminal growth rate(%)

Computed WACC: 6.80%

Cost of equity (Re)10.78%(Rf 4.30% + β 1.18 × 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)63.06%

Debt weight (D/V)36.94%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$110.33

Implied Near-term FCF Growth—

Historical Revenue Growth16.6%

Historical Earnings Growth-14.2%

Base FCF (TTM)-$1.17B

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: $3.46

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$71.28

Current Price$110.33

Upside / Downside-35.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.33B

Target EV/EBITDA multipleCurrent: 22.3×

Net Debt($B)Default: $18.96B

Results

Implied Equity Value / share$111.47

Current Price$110.33

Upside / Downside+1.0%

Implied EV$51.94B

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

Mult \ Net Debt	$8.96B	$13.96B	$18.96B	$23.96B	$28.96B
18.3x	$113.79	$96.88	$79.98	$63.08	$46.18
20.3x	$129.53	$112.63	$95.73	$78.82	$61.92
22.3x	$145.27	$128.37	$111.47	$94.57	$77.67
24.3x	$161.01	$144.11	$127.21	$110.31	$93.41
26.3x	$176.76	$159.85	$142.95	$126.05	$109.15

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