KD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.83)
DCF	$201.92	+1473.8%
Graham Number	$11.17	-12.9%
Reverse DCF	—	implied g: -20.0%
DDM	—	—
EV/EBITDA	$13.34	+4.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.74B

Near-term growth (yrs 1–5)(%)Rev: 3.1% / EPS: -71.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.99%

Computed WACC: 7.99%

Cost of equity (Re)15.31%(Rf 4.30% + β 2.00 × ERP 5.50%)

Cost of debt (Rd)3.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.54%

Debt weight (D/V)57.46%

Results

Intrinsic Value / share$241.68

Current Price$12.83

Upside / Downside+1783.7%

Net Debt (used)$2.63B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$203.76	$247.32	$298.00	$356.65	$424.21
8.0%	$165.43	$200.49	$241.22	$288.29	$342.45
9.0%	$138.87	$168.06	$201.92	$241.01	$285.92
10.0%	$119.37	$144.28	$173.12	$206.37	$244.54
11.0%	$104.44	$126.08	$151.10	$179.91	$212.94

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.05

Book Value / share($)Yahoo: $5.28

Results

Graham Number$11.17

Current Price$12.83

Margin of Safety-12.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.99%

Terminal growth rate(%)

Computed WACC: 7.99%

Cost of equity (Re)15.31%(Rf 4.30% + β 2.00 × ERP 5.50%)

Cost of debt (Rd)3.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.54%

Debt weight (D/V)57.46%

Results

Current Price$12.83

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth3.1%

Historical Earnings Growth-71.9%

Base FCF (TTM)$2.74B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$12.83

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.38B

Target EV/EBITDA multipleCurrent: 4.1×

Net Debt($B)Default: $2.63B

Results

Implied Equity Value / share$13.34

Current Price$12.83

Upside / Downside+4.0%

Implied EV$5.63B

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

Mult \ Net Debt	$627.00M	$1.63B	$2.63B	$3.63B	$4.63B
0.1x	$-2.26	$-6.69	$-11.13	$-15.56	$-20.00
2.1x	$9.98	$5.54	$1.11	$-3.33	$-7.76
4.1x	$22.21	$17.78	$13.34	$8.90	$4.47
6.1x	$34.45	$30.01	$25.57	$21.14	$16.70
8.1x	$46.68	$42.24	$37.81	$33.37	$28.94

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