JHG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($51.65)
DCF	$616306.14	+1193135.5%
Graham Number	$62.47	+21.0%
Reverse DCF	—	implied g: -2.1%
DDM	$32.96	-36.2%
EV/EBITDA	$60.51	+17.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $466.24M

Near-term growth (yrs 1–5)(%)Rev: 61.3% / EPS: 244.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.18%

Computed WACC: 12.18%

Cost of equity (Re)12.65%(Rf 4.30% + β 1.52 × ERP 5.50%)

Cost of debt (Rd)6.12%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.04%

Debt weight (D/V)5.96%

Results

Intrinsic Value / share$328508.48

Current Price$51.65

Upside / Downside+635928.0%

Net Debt (used)-$2.32B

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

WACC \ Near-term	236.6%	240.6%	244.6%	248.6%	252.6%
7.0%	$919202.11	$975123.81	$1033734.80	$1095130.93	$1159410.31
8.0%	$697630.89	$740070.93	$784551.85	$831146.41	$879929.06
9.0%	$548028.20	$581365.62	$616306.14	$652906.90	$691226.38
10.0%	$441306.19	$468150.13	$496284.87	$525756.42	$556611.87
11.0%	$362091.91	$384116.12	$407199.33	$431379.30	$456694.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.23

Book Value / share($)Yahoo: $33.16

Results

Graham Number$62.47

Current Price$51.65

Margin of Safety+21.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.18%

Terminal growth rate(%)

Computed WACC: 12.18%

Cost of equity (Re)12.65%(Rf 4.30% + β 1.52 × ERP 5.50%)

Cost of debt (Rd)6.12%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)94.04%

Debt weight (D/V)5.96%

Results

Current Price$51.65

Implied Near-term FCF Growth4.7%

Historical Revenue Growth61.3%

Historical Earnings Growth244.6%

Base FCF (TTM)$466.24M

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: $1.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$32.96

Current Price$51.65

Upside / Downside-36.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.02B

Target EV/EBITDA multipleCurrent: 6.6×

Net Debt($B)Default: -$2.32B

Results

Implied Equity Value / share$60.51

Current Price$51.65

Upside / Downside+17.1%

Implied EV$6.71B

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

Mult \ Net Debt	-$4.32B	-$3.32B	-$2.32B	-$1.32B	-$322.40M
2.6x	$46.55	$39.85	$33.16	$26.46	$19.76
4.6x	$60.22	$53.53	$46.83	$40.14	$33.44
6.6x	$73.90	$67.20	$60.51	$53.81	$47.11
8.6x	$87.57	$80.88	$74.18	$67.48	$60.79
10.6x	$101.25	$94.55	$87.85	$81.16	$74.46

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