ITIC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($233.17)
DCF	$43.20	-81.5%
Graham Number	$243.61	+4.5%
Reverse DCF	—	—
DDM	$37.90	-83.7%
EV/EBITDA	$230.96	-0.9%

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: -1.6% / EPS: -10.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.74%

Computed WACC: 7.74%

Cost of equity (Re)7.88%(Rf 4.30% + β 0.65 × 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)98.20%

Debt weight (D/V)1.80%

Results

Intrinsic Value / share$43.20

Current Price$233.17

Upside / Downside-81.5%

Net Debt (used)-$81.55M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$43.20	$43.20	$43.20	$43.20	$43.20
8.0%	$43.20	$43.20	$43.20	$43.20	$43.20
9.0%	$43.20	$43.20	$43.20	$43.20	$43.20
10.0%	$43.20	$43.20	$43.20	$43.20	$43.20
11.0%	$43.20	$43.20	$43.20	$43.20	$43.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $18.56

Book Value / share($)Yahoo: $142.11

Results

Graham Number$243.61

Current Price$233.17

Margin of Safety+4.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.74%

Terminal growth rate(%)

Computed WACC: 7.74%

Cost of equity (Re)7.88%(Rf 4.30% + β 0.65 × 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)98.20%

Debt weight (D/V)1.80%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$233.17

Implied Near-term FCF Growth—

Historical Revenue Growth-1.6%

Historical Earnings Growth-10.2%

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$233.17

Upside / Downside-83.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $48.97M

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: -$81.55M

Results

Implied Equity Value / share$230.96

Current Price$233.17

Upside / Downside-0.9%

Implied EV$354.40M

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

Mult \ Net Debt	-$2.08B	-$1.08B	-$81.55M	$918.45M	$1.92B
3.2x	$1186.74	$656.96	$127.18	$-402.60	$-932.38
5.2x	$1238.63	$708.85	$179.07	$-350.71	$-880.49
7.2x	$1290.52	$760.74	$230.96	$-298.82	$-828.60
9.2x	$1342.41	$812.63	$282.84	$-246.94	$-776.72
11.2x	$1394.29	$864.51	$334.73	$-195.05	$-724.83

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