KIM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($23.56)
DCF	$9.93	-57.9%
Graham Number	$16.86	-28.4%
Reverse DCF	—	implied g: 13.3%
DDM	$21.42	-9.1%
EV/EBITDA	$23.82	+1.1%

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: 7.86%

Computed WACC: 7.86%

Cost of equity (Re)10.22%(Rf 4.30% + β 1.08 × 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)65.74%

Debt weight (D/V)34.26%

Results

Intrinsic Value / share$14.65

Current Price$23.56

Upside / Downside-37.8%

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%	$10.12	$14.59	$19.80	$25.83	$32.77
8.0%	$6.18	$9.78	$13.97	$18.80	$24.37
9.0%	$3.45	$6.45	$9.93	$13.94	$18.56
10.0%	$1.44	$4.00	$6.97	$10.38	$14.31
11.0%	$-0.09	$2.13	$4.70	$7.67	$11.06

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.82

Book Value / share($)Yahoo: $15.42

Results

Graham Number$16.86

Current Price$23.56

Margin of Safety-28.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.86%

Terminal growth rate(%)

Computed WACC: 7.86%

Cost of equity (Re)10.22%(Rf 4.30% + β 1.08 × 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)65.74%

Debt weight (D/V)34.26%

Results

Current Price$23.56

Implied Near-term FCF Growth9.8%

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: $1.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.42

Current Price$23.56

Upside / Downside-9.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.31B

Target EV/EBITDA multipleCurrent: 18.4×

Net Debt($B)Default: $8.10B

Results

Implied Equity Value / share$23.82

Current Price$23.56

Upside / Downside+1.1%

Implied EV$24.16B

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

Mult \ Net Debt	$4.10B	$6.10B	$8.10B	$10.10B	$12.10B
14.4x	$21.98	$19.01	$16.05	$13.08	$10.11
16.4x	$25.87	$22.90	$19.93	$16.97	$14.00
18.4x	$29.75	$26.79	$23.82	$20.85	$17.89
20.4x	$33.64	$30.67	$27.71	$24.74	$21.77
22.4x	$37.53	$34.56	$31.59	$28.63	$25.66

← Overview Financial Statements ← Companies