JOUT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.21)
DCF	$272.90	+454.6%
Graham Number	—	—
Reverse DCF	—	implied g: -2.0%
DDM	$27.19	-44.7%
EV/EBITDA	$53.93	+9.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $31.95M

Near-term growth (yrs 1–5)(%)Rev: 30.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.45%

Computed WACC: 8.45%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × 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)91.66%

Debt weight (D/V)8.34%

Results

Intrinsic Value / share$302.13

Current Price$49.21

Upside / Downside+514.0%

Net Debt (used)-$83.91M

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

WACC \ Near-term	22.9%	26.9%	30.9%	34.9%	38.9%
7.0%	$308.95	$359.37	$416.46	$480.86	$553.24
8.0%	$246.54	$286.16	$330.99	$381.54	$438.33
9.0%	$203.77	$236.00	$272.44	$313.52	$359.65
10.0%	$172.76	$199.63	$230.01	$264.22	$302.64
11.0%	$149.34	$172.17	$197.97	$227.01	$259.61

2 — Graham Number

Assumptions

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

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

Book Value / share($)Yahoo: $40.21

Results

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

Graham Number—

Current Price$49.21

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.45%

Terminal growth rate(%)

Computed WACC: 8.45%

Cost of equity (Re)9.22%(Rf 4.30% + β 0.90 × 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)91.66%

Debt weight (D/V)8.34%

Results

Current Price$49.21

Implied Near-term FCF Growth-3.4%

Historical Revenue Growth30.9%

Historical Earnings Growth—

Base FCF (TTM)$31.95M

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: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$49.21

Upside / Downside-44.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $22.08M

Target EV/EBITDA multipleCurrent: 18.8×

Net Debt($B)Default: -$83.91M

Results

Implied Equity Value / share$53.93

Current Price$49.21

Upside / Downside+9.6%

Implied EV$414.78M

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

Mult \ Net Debt	-$2.08B	-$1.08B	-$83.91M	$916.09M	$1.92B
14.8x	$260.67	$152.52	$44.38	$-63.77	$-171.91
16.8x	$265.44	$157.30	$49.15	$-58.99	$-167.14
18.8x	$270.22	$162.08	$53.93	$-54.21	$-162.36
20.8x	$275.00	$166.85	$58.71	$-49.44	$-157.58
22.8x	$279.77	$171.63	$63.48	$-44.66	$-152.81

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