KEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($132.97)
DCF	$236.59	+77.9%
Graham Number	$94.63	-28.8%
Reverse DCF	—	implied g: 10.5%
DDM	—	—
EV/EBITDA	$173.10	+30.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $293.96M

Near-term growth (yrs 1–5)(%)Rev: 20.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.44%

Computed WACC: 8.44%

Cost of equity (Re)9.00%(Rf 4.30% + β 0.85 × ERP 5.50%)

Cost of debt (Rd)5.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.69%

Debt weight (D/V)11.31%

Results

Intrinsic Value / share$262.33

Current Price$132.97

Upside / Downside+97.3%

Net Debt (used)$0

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

WACC \ Near-term	12.6%	16.6%	20.6%	24.6%	28.6%
7.0%	$258.27	$305.12	$358.69	$419.68	$488.85
8.0%	$206.85	$243.94	$286.32	$334.54	$389.19
9.0%	$171.50	$201.89	$236.59	$276.04	$320.73
10.0%	$145.77	$171.30	$200.42	$233.51	$270.97
11.0%	$126.25	$148.10	$173.01	$201.29	$233.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.33

Book Value / share($)Yahoo: $62.87

Results

Graham Number$94.63

Current Price$132.97

Margin of Safety-28.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.44%

Terminal growth rate(%)

Computed WACC: 8.44%

Cost of equity (Re)9.00%(Rf 4.30% + β 0.85 × ERP 5.50%)

Cost of debt (Rd)5.16%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.69%

Debt weight (D/V)11.31%

Results

Current Price$132.97

Implied Near-term FCF Growth8.9%

Historical Revenue Growth20.6%

Historical Earnings Growth—

Base FCF (TTM)$293.96M

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$132.97

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $773.82M

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $0

Results

Implied Equity Value / share$173.10

Current Price$132.97

Upside / Downside+30.2%

Implied EV$9.29B

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

Mult \ Net Debt	-$2.00B	-$1.00B	$0	$1.00B	$2.00B
8.0x	$152.68	$134.04	$115.40	$96.76	$78.12
10.0x	$181.53	$162.89	$144.25	$125.61	$106.96
12.0x	$210.38	$191.74	$173.10	$154.45	$135.81
14.0x	$239.23	$220.59	$201.94	$183.30	$164.66
16.0x	$268.08	$249.43	$230.79	$212.15	$193.51

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