JKHY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($168.09)
DCF	$308.93	+83.8%
Graham Number	$69.14	-58.9%
Reverse DCF	—	implied g: 17.5%
DDM	$48.41	-71.2%
EV/EBITDA	$164.20	-2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $335.26M

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: 28.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.25%

Computed WACC: 8.25%

Cost of equity (Re)8.29%(Rf 4.30% + β 0.73 × 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)99.44%

Debt weight (D/V)0.56%

Results

Intrinsic Value / share$357.64

Current Price$168.09

Upside / Downside+112.8%

Net Debt (used)$40.28M

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

WACC \ Near-term	20.4%	24.4%	28.4%	32.4%	36.4%
7.0%	$348.50	$408.29	$476.13	$552.82	$639.21
8.0%	$276.51	$323.56	$376.93	$437.22	$505.10
9.0%	$227.15	$265.48	$308.93	$357.99	$413.21
10.0%	$191.33	$223.34	$259.61	$300.54	$346.59
11.0%	$164.25	$191.49	$222.33	$257.13	$296.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.96

Book Value / share($)Yahoo: $30.53

Results

Graham Number$69.14

Current Price$168.09

Margin of Safety-58.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.25%

Terminal growth rate(%)

Computed WACC: 8.25%

Cost of equity (Re)8.29%(Rf 4.30% + β 0.73 × 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)99.44%

Debt weight (D/V)0.56%

Results

Current Price$168.09

Implied Near-term FCF Growth15.2%

Historical Revenue Growth7.9%

Historical Earnings Growth28.4%

Base FCF (TTM)$335.26M

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: $2.35

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$48.41

Current Price$168.09

Upside / Downside-71.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $696.47M

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $40.28M

Results

Implied Equity Value / share$164.20

Current Price$168.09

Upside / Downside-2.3%

Implied EV$11.89B

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

Mult \ Net Debt	-$1.96B	-$959.72M	$40.28M	$1.04B	$2.04B
13.1x	$153.31	$139.45	$125.60	$111.74	$97.88
15.1x	$172.61	$158.75	$144.90	$131.04	$117.18
17.1x	$191.91	$178.06	$164.20	$150.34	$136.49
19.1x	$211.21	$197.36	$183.50	$169.64	$155.79
21.1x	$230.51	$216.66	$202.80	$188.94	$175.09

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