IRT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.64)
DCF	$4.24	-74.5%
Graham Number	$8.88	-46.6%
Reverse DCF	—	implied g: 16.1%
DDM	$13.80	-17.1%
EV/EBITDA	$17.16	+3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $185.55M

Near-term growth (yrs 1–5)(%)Rev: 3.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.29%

Computed WACC: 6.29%

Cost of equity (Re)9.82%(Rf 4.30% + β 1.00 × 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)64.09%

Debt weight (D/V)35.91%

Results

Intrinsic Value / share$14.18

Current Price$16.64

Upside / Downside-14.8%

Net Debt (used)$2.25B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$4.36	$7.16	$10.42	$14.19	$18.53
8.0%	$1.89	$4.15	$6.77	$9.79	$13.27
9.0%	$0.19	$2.06	$4.24	$6.75	$9.64
10.0%	$-1.07	$0.53	$2.39	$4.53	$6.98
11.0%	$-2.03	$-0.64	$0.97	$2.83	$4.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.24

Book Value / share($)Yahoo: $14.61

Results

Graham Number$8.88

Current Price$16.64

Margin of Safety-46.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.29%

Terminal growth rate(%)

Computed WACC: 6.29%

Cost of equity (Re)9.82%(Rf 4.30% + β 1.00 × 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)64.09%

Debt weight (D/V)35.91%

Results

Current Price$16.64

Implied Near-term FCF Growth6.6%

Historical Revenue Growth3.6%

Historical Earnings Growth—

Base FCF (TTM)$185.55M

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: $0.67

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.80

Current Price$16.64

Upside / Downside-17.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $375.53M

Target EV/EBITDA multipleCurrent: 16.8×

Net Debt($B)Default: $2.25B

Results

Implied Equity Value / share$17.16

Current Price$16.64

Upside / Downside+3.1%

Implied EV$6.32B

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

Mult \ Net Debt	$251.50M	$1.25B	$2.25B	$3.25B	$4.25B
12.8x	$19.26	$15.04	$10.83	$6.61	$2.40
14.8x	$22.42	$18.21	$13.99	$9.78	$5.56
16.8x	$25.59	$21.37	$17.16	$12.94	$8.73
18.8x	$28.75	$24.54	$20.32	$16.11	$11.89
20.8x	$31.92	$27.70	$23.49	$19.27	$15.06

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