KEYS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($313.27)
DCF	$3072.10	+880.7%
Graham Number	$68.00	-78.3%
Reverse DCF	—	implied g: 23.4%
DDM	—	—
EV/EBITDA	$313.27	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.08B

Near-term growth (yrs 1–5)(%)Rev: 23.3% / EPS: 68.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.54%

Computed WACC: 10.54%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)4.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.10%

Debt weight (D/V)4.90%

Results

Intrinsic Value / share$2289.51

Current Price$313.27

Upside / Downside+630.8%

Net Debt (used)$594.00M

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

WACC \ Near-term	60.0%	64.0%	68.0%	72.0%	76.0%
7.0%	$3885.57	$4392.49	$4951.10	$5565.27	$6239.05
8.0%	$3009.30	$3401.16	$3832.94	$4307.60	$4828.28
9.0%	$2413.01	$2726.61	$3072.10	$3451.87	$3868.41
10.0%	$1983.96	$2241.26	$2524.69	$2836.21	$3177.85
11.0%	$1662.51	$1877.65	$2114.61	$2375.02	$2660.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.69

Book Value / share($)Yahoo: $36.12

Results

Graham Number$68.00

Current Price$313.27

Margin of Safety-78.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.54%

Terminal growth rate(%)

Computed WACC: 10.54%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)4.44%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)95.10%

Debt weight (D/V)4.90%

Results

Current Price$313.27

Implied Near-term FCF Growth28.1%

Historical Revenue Growth23.3%

Historical Earnings Growth68.0%

Base FCF (TTM)$1.08B

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$313.27

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.28B

Target EV/EBITDA multipleCurrent: 42.4×

Net Debt($B)Default: $594.00M

Results

Implied Equity Value / share$313.27

Current Price$313.27

Upside / Downside-0.0%

Implied EV$54.41B

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

Mult \ Net Debt	-$1.41B	-$406.00M	$594.00M	$1.59B	$2.59B
38.4x	$295.04	$289.22	$283.40	$277.57	$271.75
40.4x	$309.97	$304.15	$298.33	$292.51	$286.69
42.4x	$324.91	$319.09	$313.27	$307.45	$301.63
44.4x	$339.84	$334.02	$328.20	$322.38	$316.56
46.4x	$354.78	$348.96	$343.14	$337.32	$331.50

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