IVT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($31.09)
DCF	$20.84	-33.0%
Graham Number	$27.16	-12.6%
Reverse DCF	—	implied g: 13.5%
DDM	$19.57	-37.1%
EV/EBITDA	$31.09	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $111.08M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: -74.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: -25.09%

Computed WACC: -25.09%

Cost of equity (Re)-33.70%(Rf 4.30% + β -6.91 × 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)74.46%

Debt weight (D/V)25.54%

Results

Intrinsic Value / share—

Current Price$31.09

Upside / Downside—

Net Debt (used)$788.28M

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

WACC \ Near-term	0.6%	4.6%	8.6%	12.6%	16.6%
7.0%	$21.74	$28.03	$35.33	$43.74	$53.39
8.0%	$15.88	$20.92	$26.76	$33.48	$41.19
9.0%	$11.82	$16.01	$20.84	$26.40	$32.77
10.0%	$8.86	$12.41	$16.51	$21.22	$26.61
11.0%	$6.59	$9.67	$13.21	$17.28	$21.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.42

Book Value / share($)Yahoo: $23.09

Results

Graham Number$27.16

Current Price$31.09

Margin of Safety-12.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: -25.09%

Terminal growth rate(%)

Computed WACC: -25.09%

Cost of equity (Re)-33.70%(Rf 4.30% + β -6.91 × 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)74.46%

Debt weight (D/V)25.54%

Results

Current Price$31.09

Implied Near-term FCF Growth65.0%

Historical Revenue Growth8.6%

Historical Earnings Growth-74.7%

Base FCF (TTM)$111.08M

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: $0.95

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.57

Current Price$31.09

Upside / Downside-37.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $172.78M

Target EV/EBITDA multipleCurrent: 18.5×

Net Debt($B)Default: $788.28M

Results

Implied Equity Value / share$31.09

Current Price$31.09

Upside / Downside-0.0%

Implied EV$3.20B

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

Mult \ Net Debt	-$1.21B	-$211.72M	$788.28M	$1.79B	$2.79B
14.5x	$47.94	$35.06	$22.19	$9.32	$-3.55
16.5x	$52.38	$39.51	$26.64	$13.77	$0.90
18.5x	$56.83	$43.96	$31.09	$18.22	$5.35
20.5x	$61.28	$48.41	$35.54	$22.67	$9.80
22.5x	$65.73	$52.86	$39.98	$27.11	$14.24

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