JOE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($72.69)
DCF	$654.12	+799.9%
Graham Number	$23.22	-68.1%
Reverse DCF	—	implied g: 19.2%
DDM	$13.18	-81.9%
EV/EBITDA	$72.60	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $116.64M

Near-term growth (yrs 1–5)(%)Rev: 23.5% / EPS: 59.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.19%

Computed WACC: 10.19%

Cost of equity (Re)11.57%(Rf 4.30% + β 1.32 × 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)88.02%

Debt weight (D/V)11.98%

Results

Intrinsic Value / share$519.70

Current Price$72.69

Upside / Downside+615.0%

Net Debt (used)$443.13M

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

WACC \ Near-term	51.4%	55.4%	59.4%	63.4%	67.4%
7.0%	$813.20	$926.28	$1051.55	$1189.96	$1342.54
8.0%	$630.41	$718.06	$815.15	$922.40	$1040.62
9.0%	$505.89	$576.22	$654.12	$740.16	$834.97
10.0%	$416.17	$474.04	$538.11	$608.88	$686.85
11.0%	$348.87	$397.39	$451.10	$510.41	$575.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.80

Book Value / share($)Yahoo: $13.32

Results

Graham Number$23.22

Current Price$72.69

Margin of Safety-68.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.19%

Terminal growth rate(%)

Computed WACC: 10.19%

Cost of equity (Re)11.57%(Rf 4.30% + β 1.32 × 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)88.02%

Debt weight (D/V)11.98%

Results

Current Price$72.69

Implied Near-term FCF Growth22.7%

Historical Revenue Growth23.5%

Historical Earnings Growth59.4%

Base FCF (TTM)$116.64M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$72.69

Upside / Downside-81.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $193.70M

Target EV/EBITDA multipleCurrent: 23.9×

Net Debt($B)Default: $443.13M

Results

Implied Equity Value / share$72.60

Current Price$72.69

Upside / Downside-0.1%

Implied EV$4.64B

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

Mult \ Net Debt	-$1.56B	-$556.87M	$443.13M	$1.44B	$2.44B
19.9x	$93.82	$76.50	$59.18	$41.86	$24.55
21.9x	$100.52	$83.21	$65.89	$48.57	$31.25
23.9x	$107.23	$89.92	$72.60	$55.28	$37.96
25.9x	$113.94	$96.62	$79.31	$61.99	$44.67
27.9x	$120.65	$103.33	$86.02	$68.70	$51.38

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