JBGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($15.21)
DCF	$50.88	+234.5%
Graham Number	—	—
Reverse DCF	—	implied g: -3.2%
DDM	$14.42	-5.2%
EV/EBITDA	$23.88	+57.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $312.12M

Near-term growth (yrs 1–5)(%)Rev: -3.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.80%

Computed WACC: 2.80%

Cost of equity (Re)10.45%(Rf 4.30% + β 1.12 × 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)26.82%

Debt weight (D/V)73.18%

Results

Intrinsic Value / share$1997.12

Current Price$15.21

Upside / Downside+13030.3%

Net Debt (used)$2.48B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$51.67	$70.63	$92.69	$118.22	$147.62
8.0%	$34.99	$50.25	$67.98	$88.46	$112.03
9.0%	$23.43	$36.14	$50.88	$67.89	$87.43
10.0%	$14.95	$25.79	$38.34	$52.81	$69.42
11.0%	$8.45	$17.87	$28.76	$41.30	$55.67

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.09

Book Value / share($)Yahoo: $19.45

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$15.21

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.80%

Terminal growth rate(%)

Computed WACC: 2.80%

Cost of equity (Re)10.45%(Rf 4.30% + β 1.12 × 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)26.82%

Debt weight (D/V)73.18%

Results

Current Price$15.21

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-3.0%

Historical Earnings Growth—

Base FCF (TTM)$312.12M

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: $0.70

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.42

Current Price$15.21

Upside / Downside-5.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $187.17M

Target EV/EBITDA multipleCurrent: 20.8×

Net Debt($B)Default: $2.48B

Results

Implied Equity Value / share$23.88

Current Price$15.21

Upside / Downside+57.0%

Implied EV$3.89B

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

Mult \ Net Debt	$480.41M	$1.48B	$2.48B	$3.48B	$4.48B
16.8x	$45.11	$28.15	$11.18	$-5.78	$-22.74
18.8x	$51.46	$34.50	$17.53	$0.57	$-16.39
20.8x	$57.81	$40.85	$23.88	$6.92	$-10.04
22.8x	$64.16	$47.20	$30.23	$13.27	$-3.69
24.8x	$70.51	$53.55	$36.58	$19.62	$2.66

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