JBHT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($231.64)
DCF	$390.56	+68.6%
Graham Number	$72.04	-68.9%
Reverse DCF	—	implied g: 14.9%
DDM	$37.08	-84.0%
EV/EBITDA	$233.41	+0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $756.55M

Near-term growth (yrs 1–5)(%)Rev: -1.6% / EPS: 23.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.43%

Computed WACC: 10.43%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × 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)92.76%

Debt weight (D/V)7.24%

Results

Intrinsic Value / share$304.78

Current Price$231.64

Upside / Downside+31.6%

Net Debt (used)$1.70B

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

WACC \ Near-term	15.6%	19.6%	23.6%	27.6%	31.6%
7.0%	$433.87	$514.06	$605.46	$709.24	$826.62
8.0%	$342.57	$405.89	$478.03	$559.89	$652.42
9.0%	$279.86	$331.63	$390.56	$457.39	$532.90
10.0%	$234.28	$277.66	$327.02	$382.95	$446.11
11.0%	$199.75	$236.80	$278.91	$326.61	$380.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.12

Book Value / share($)Yahoo: $37.69

Results

Graham Number$72.04

Current Price$231.64

Margin of Safety-68.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.43%

Terminal growth rate(%)

Computed WACC: 10.43%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × 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)92.76%

Debt weight (D/V)7.24%

Results

Current Price$231.64

Implied Near-term FCF Growth18.9%

Historical Revenue Growth-1.6%

Historical Earnings Growth23.6%

Base FCF (TTM)$756.55M

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: $1.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.08

Current Price$231.64

Upside / Downside-84.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.58B

Target EV/EBITDA multipleCurrent: 15.1×

Net Debt($B)Default: $1.70B

Results

Implied Equity Value / share$233.41

Current Price$231.64

Upside / Downside+0.8%

Implied EV$23.78B

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

Mult \ Net Debt	$1.70B	$1.70B	$1.70B	$1.70B	$1.70B
11.1x	$166.61	$166.61	$166.61	$166.61	$166.61
13.1x	$200.01	$200.01	$200.01	$200.01	$200.01
15.1x	$233.41	$233.41	$233.41	$233.41	$233.41
17.1x	$266.81	$266.81	$266.81	$266.81	$266.81
19.1x	$300.21	$300.21	$300.21	$300.21	$300.21

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