KNSL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($396.18)
DCF	$2673.79	+574.9%
Graham Number	$202.99	-48.8%
Reverse DCF	—	implied g: -5.2%
DDM	$20.60	-94.8%
EV/EBITDA	$396.18	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $961.23M

Near-term growth (yrs 1–5)(%)Rev: 17.3% / EPS: 27.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.88%

Computed WACC: 9.88%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)5.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.62%

Debt weight (D/V)2.38%

Results

Intrinsic Value / share$2293.22

Current Price$396.18

Upside / Downside+478.8%

Net Debt (used)$57.17M

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

WACC \ Near-term	19.8%	23.8%	27.8%	31.8%	35.8%
7.0%	$3008.88	$3526.97	$4115.18	$4780.45	$5530.18
8.0%	$2389.29	$2797.19	$3260.03	$3783.26	$4372.64
9.0%	$1964.37	$2296.80	$2673.79	$3099.75	$3579.35
10.0%	$1655.97	$1933.71	$2248.50	$2604.00	$3004.08
11.0%	$1422.74	$1659.19	$1927.04	$2229.37	$2569.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $21.63

Book Value / share($)Yahoo: $84.66

Results

Graham Number$202.99

Current Price$396.18

Margin of Safety-48.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.88%

Terminal growth rate(%)

Computed WACC: 9.88%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × ERP 5.50%)

Cost of debt (Rd)5.21%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)97.62%

Debt weight (D/V)2.38%

Results

Current Price$396.18

Implied Near-term FCF Growth-3.3%

Historical Revenue Growth17.3%

Historical Earnings Growth27.8%

Base FCF (TTM)$961.23M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$396.18

Upside / Downside-94.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $650.78M

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $57.17M

Results

Implied Equity Value / share$396.18

Current Price$396.18

Upside / Downside+0.0%

Implied EV$9.23B

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

Mult \ Net Debt	-$1.94B	-$942.83M	$57.17M	$1.06B	$2.06B
10.2x	$370.13	$326.94	$283.75	$240.56	$197.37
12.2x	$426.35	$383.16	$339.97	$296.78	$253.59
14.2x	$482.57	$439.37	$396.18	$352.99	$309.80
16.2x	$538.78	$495.59	$452.40	$409.21	$366.02
18.2x	$595.00	$551.81	$508.62	$465.42	$422.23

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