KMT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($41.01)
DCF	$1670.42	+3973.2%
Graham Number	$23.57	-42.5%
Reverse DCF	—	implied g: 18.8%
DDM	$16.48	-59.8%
EV/EBITDA	$41.57	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $93.24M

Near-term growth (yrs 1–5)(%)Rev: 9.8% / EPS: 91.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.23%

Computed WACC: 10.23%

Cost of equity (Re)12.34%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)82.90%

Debt weight (D/V)17.10%

Results

Intrinsic Value / share$1302.32

Current Price$41.01

Upside / Downside+3075.6%

Net Debt (used)$515.08M

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

WACC \ Near-term	83.3%	87.3%	91.3%	95.3%	99.3%
7.0%	$2201.61	$2452.34	$2725.36	$3022.14	$3344.20
8.0%	$1692.79	$1885.54	$2095.42	$2323.56	$2571.11
9.0%	$1347.33	$1500.73	$1667.75	$1849.29	$2046.28
10.0%	$1099.39	$1224.55	$1360.82	$1508.93	$1669.62
11.0%	$914.15	$1018.21	$1131.51	$1254.64	$1388.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.43

Book Value / share($)Yahoo: $17.26

Results

Graham Number$23.57

Current Price$41.01

Margin of Safety-42.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.23%

Terminal growth rate(%)

Computed WACC: 10.23%

Cost of equity (Re)12.34%(Rf 4.30% + β 1.46 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)82.90%

Debt weight (D/V)17.10%

Results

Current Price$41.01

Implied Near-term FCF Growth22.4%

Historical Revenue Growth9.8%

Historical Earnings Growth91.3%

Base FCF (TTM)$93.24M

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: $0.80

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$16.48

Current Price$41.01

Upside / Downside-59.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $318.76M

Target EV/EBITDA multipleCurrent: 11.6×

Net Debt($B)Default: $515.08M

Results

Implied Equity Value / share$41.57

Current Price$41.01

Upside / Downside+1.4%

Implied EV$3.68B

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

Mult \ Net Debt	-$1.48B	-$484.92M	$515.08M	$1.52B	$2.52B
7.6x	$51.08	$37.96	$24.84	$11.71	$-1.41
9.6x	$59.45	$46.33	$33.20	$20.08	$6.96
11.6x	$67.82	$54.69	$41.57	$28.45	$15.32
13.6x	$76.18	$63.06	$49.94	$36.81	$23.69
15.6x	$84.55	$71.43	$58.30	$45.18	$32.06

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