JBTM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($154.39)
DCF	$5045.73	+3168.2%
Graham Number	—	—
Reverse DCF	—	implied g: 41.4%
DDM	$8.24	-94.7%
EV/EBITDA	$154.38	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $72.91M

Near-term growth (yrs 1–5)(%)Rev: 115.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.09%

Computed WACC: 9.09%

Cost of equity (Re)9.66%(Rf 4.30% + β 0.97 × ERP 5.50%)

Cost of debt (Rd)8.41%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)81.00%

Debt weight (D/V)19.00%

Results

Intrinsic Value / share$4947.47

Current Price$154.39

Upside / Downside+3104.5%

Net Debt (used)$1.71B

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

WACC \ Near-term	107.6%	111.6%	115.6%	119.6%	123.6%
7.0%	$6888.64	$7580.28	$8326.17	$9129.44	$9993.35
8.0%	$5270.17	$5799.80	$6370.95	$6986.03	$7647.53
9.0%	$4173.17	$4592.99	$5045.73	$5533.26	$6057.57
10.0%	$3387.27	$3728.44	$4096.33	$4492.51	$4918.55
11.0%	$2801.24	$3083.77	$3388.42	$3716.47	$4069.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.19

Book Value / share($)Yahoo: $85.68

Results

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

Graham Number—

Current Price$154.39

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.09%

Terminal growth rate(%)

Computed WACC: 9.09%

Cost of equity (Re)9.66%(Rf 4.30% + β 0.97 × ERP 5.50%)

Cost of debt (Rd)8.41%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)81.00%

Debt weight (D/V)19.00%

Results

Current Price$154.39

Implied Near-term FCF Growth41.8%

Historical Revenue Growth115.6%

Historical Earnings Growth—

Base FCF (TTM)$72.91M

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: $0.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$8.24

Current Price$154.39

Upside / Downside-94.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $336.40M

Target EV/EBITDA multipleCurrent: 28.9×

Net Debt($B)Default: $1.71B

Results

Implied Equity Value / share$154.38

Current Price$154.39

Upside / Downside-0.0%

Implied EV$9.74B

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

Mult \ Net Debt	$1.71B	$1.71B	$1.71B	$1.71B	$1.71B
24.9x	$128.49	$128.49	$128.49	$128.49	$128.49
26.9x	$141.44	$141.44	$141.44	$141.44	$141.44
28.9x	$154.38	$154.38	$154.38	$154.38	$154.38
30.9x	$167.33	$167.33	$167.33	$167.33	$167.33
32.9x	$180.27	$180.27	$180.27	$180.27	$180.27

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