J — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($139.03)
DCF	$237.15	+70.6%
Graham Number	$50.04	-64.0%
Reverse DCF	—	implied g: 3.7%
DDM	$29.66	-78.7%
EV/EBITDA	$148.38	+6.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.09B

Near-term growth (yrs 1–5)(%)Rev: 12.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.06%

Computed WACC: 7.06%

Cost of equity (Re)8.34%(Rf 4.30% + β 0.73 × 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)84.73%

Debt weight (D/V)15.27%

Results

Intrinsic Value / share$353.29

Current Price$139.03

Upside / Downside+154.1%

Net Debt (used)$1.41B

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

WACC \ Near-term	4.3%	8.3%	12.3%	16.3%	20.3%
7.0%	$249.87	$300.30	$358.48	$425.27	$501.63
8.0%	$200.31	$240.54	$286.91	$340.10	$400.84
9.0%	$166.11	$199.33	$237.57	$281.40	$331.41
10.0%	$141.12	$169.23	$201.56	$238.56	$280.76
11.0%	$122.08	$146.31	$174.15	$205.99	$242.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.80

Book Value / share($)Yahoo: $29.29

Results

Graham Number$50.04

Current Price$139.03

Margin of Safety-64.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.06%

Terminal growth rate(%)

Computed WACC: 7.06%

Cost of equity (Re)8.34%(Rf 4.30% + β 0.73 × 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)84.73%

Debt weight (D/V)15.27%

Results

Current Price$139.03

Implied Near-term FCF Growth-1.9%

Historical Revenue Growth12.3%

Historical Earnings Growth—

Base FCF (TTM)$1.09B

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$139.03

Upside / Downside-78.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.28B

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: $1.41B

Results

Implied Equity Value / share$148.38

Current Price$139.03

Upside / Downside+6.7%

Implied EV$18.83B

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

Mult \ Net Debt	$1.41B	$1.41B	$1.41B	$1.41B	$1.41B
10.7x	$104.82	$104.82	$104.82	$104.82	$104.82
12.7x	$126.60	$126.60	$126.60	$126.60	$126.60
14.7x	$148.38	$148.38	$148.38	$148.38	$148.38
16.7x	$170.15	$170.15	$170.15	$170.15	$170.15
18.7x	$191.93	$191.93	$191.93	$191.93	$191.93

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