KIM-PM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.75)
DCF	—	—
Graham Number	$23.89	+15.2%
Reverse DCF	—	implied g: 65.0%
DDM	$26.99	+30.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $842.70M

Near-term growth (yrs 1–5)(%)Rev: 3.2% / EPS: -6.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.39%

Computed WACC: 6.39%

Cost of equity (Re)10.12%(Rf 4.30% + β 1.06 × ERP 5.50%)

Cost of debt (Rd)4.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)45.05%

Debt weight (D/V)54.95%

Results

Intrinsic Value / share—

Current Price$20.75

Upside / Downside—

Net Debt (used)$8.10B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	—	—	—	—	—
8.0%	—	—	—	—	—
9.0%	—	—	—	—	—
10.0%	—	—	—	—	—
11.0%	—	—	—	—	—

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.65

Book Value / share($)Yahoo: $15.42

Results

Graham Number$23.89

Current Price$20.75

Margin of Safety+15.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.39%

Terminal growth rate(%)

Computed WACC: 6.39%

Cost of equity (Re)10.12%(Rf 4.30% + β 1.06 × ERP 5.50%)

Cost of debt (Rd)4.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)45.05%

Debt weight (D/V)54.95%

Results

Current Price$20.75

Implied Near-term FCF Growth65.0%

Historical Revenue Growth3.2%

Historical Earnings Growth-6.8%

Base FCF (TTM)$842.70M

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: $1.31

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.99

Current Price$20.75

Upside / Downside+30.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.31B

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $8.10B

Results

Implied Equity Value / share—

Current Price$20.75

Upside / Downside—

Implied EV$22.37B

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