ISBA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.54)
DCF	$-15.91	-132.8%
Graham Number	$42.66	-12.1%
Reverse DCF	—	—
DDM	$23.07	-52.5%
EV/EBITDA	—	—

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: 14.3% / EPS: 18.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.59%

Computed WACC: 3.59%

Cost of equity (Re)5.02%(Rf 4.30% + β 0.13 × 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)71.41%

Debt weight (D/V)28.59%

Results

Intrinsic Value / share$-15.91

Current Price$48.54

Upside / Downside-132.8%

Net Debt (used)$116.47M

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

WACC \ Near-term	10.5%	14.5%	18.5%	22.5%	26.5%
7.0%	$-15.91	$-15.91	$-15.91	$-15.91	$-15.91
8.0%	$-15.91	$-15.91	$-15.91	$-15.91	$-15.91
9.0%	$-15.91	$-15.91	$-15.91	$-15.91	$-15.91
10.0%	$-15.91	$-15.91	$-15.91	$-15.91	$-15.91
11.0%	$-15.91	$-15.91	$-15.91	$-15.91	$-15.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.56

Book Value / share($)Yahoo: $31.60

Results

Graham Number$42.66

Current Price$48.54

Margin of Safety-12.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.59%

Terminal growth rate(%)

Computed WACC: 3.59%

Cost of equity (Re)5.02%(Rf 4.30% + β 0.13 × 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)71.41%

Debt weight (D/V)28.59%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$48.54

Implied Near-term FCF Growth—

Historical Revenue Growth14.3%

Historical Earnings Growth18.5%

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: $1.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.07

Current Price$48.54

Upside / Downside-52.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $116.47M

Results

Implied Equity Value / share$-15.91

Current Price$48.54

Upside / Downside-132.8%

Implied EV$0

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