JJSF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($86.82)
DCF	$49.36	-43.1%
Graham Number	$58.36	-32.8%
Reverse DCF	—	implied g: 14.0%
DDM	$65.92	-24.1%
EV/EBITDA	$87.06	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $58.84M

Near-term growth (yrs 1–5)(%)Rev: -5.2% / EPS: -82.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.60%

Computed WACC: 5.60%

Cost of equity (Re)6.15%(Rf 4.30% + β 0.34 × 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)91.09%

Debt weight (D/V)8.91%

Results

Intrinsic Value / share$109.70

Current Price$86.82

Upside / Downside+26.4%

Net Debt (used)$94.61M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$49.83	$60.91	$73.81	$88.73	$105.92
8.0%	$40.08	$49.00	$59.36	$71.34	$85.11
9.0%	$33.32	$40.75	$49.36	$59.31	$70.73
10.0%	$28.36	$34.69	$42.03	$50.49	$60.20
11.0%	$24.56	$30.07	$36.43	$43.76	$52.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.15

Book Value / share($)Yahoo: $48.05

Results

Graham Number$58.36

Current Price$86.82

Margin of Safety-32.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.60%

Terminal growth rate(%)

Computed WACC: 5.60%

Cost of equity (Re)6.15%(Rf 4.30% + β 0.34 × 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)91.09%

Debt weight (D/V)8.91%

Results

Current Price$86.82

Implied Near-term FCF Growth1.6%

Historical Revenue Growth-5.2%

Historical Earnings Growth-82.4%

Base FCF (TTM)$58.84M

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: $3.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$65.92

Current Price$86.82

Upside / Downside-24.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $161.10M

Target EV/EBITDA multipleCurrent: 10.9×

Net Debt($B)Default: $94.61M

Results

Implied Equity Value / share$87.06

Current Price$86.82

Upside / Downside+0.3%

Implied EV$1.75B

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

Mult \ Net Debt	-$1.91B	-$905.39M	$94.61M	$1.09B	$2.09B
6.9x	$158.37	$105.77	$53.17	$0.57	$-52.03
8.9x	$175.31	$122.71	$70.12	$17.52	$-35.08
10.9x	$192.26	$139.66	$87.06	$34.46	$-18.14
12.9x	$209.21	$156.61	$104.01	$51.41	$-1.19
14.9x	$226.15	$173.55	$120.96	$68.36	$15.76

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