KNX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($61.06)
DCF	$39.00	-36.1%
Graham Number	$20.06	-67.1%
Reverse DCF	—	implied g: 10.8%
DDM	$16.48	-73.0%
EV/EBITDA	$62.34	+2.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $501.01M

Near-term growth (yrs 1–5)(%)Rev: -0.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.16%

Computed WACC: 8.16%

Cost of equity (Re)10.37%(Rf 4.30% + β 1.10 × 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)78.68%

Debt weight (D/V)21.32%

Results

Intrinsic Value / share$47.13

Current Price$61.06

Upside / Downside-22.8%

Net Debt (used)$2.47B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$39.46	$50.51	$63.37	$78.25	$95.39
8.0%	$29.74	$38.63	$48.97	$60.91	$74.65
9.0%	$23.00	$30.41	$39.00	$48.91	$60.31
10.0%	$18.05	$24.37	$31.69	$40.13	$49.81
11.0%	$14.27	$19.76	$26.10	$33.41	$41.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.41

Book Value / share($)Yahoo: $43.63

Results

Graham Number$20.06

Current Price$61.06

Margin of Safety-67.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.16%

Terminal growth rate(%)

Computed WACC: 8.16%

Cost of equity (Re)10.37%(Rf 4.30% + β 1.10 × 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)78.68%

Debt weight (D/V)21.32%

Results

Current Price$61.06

Implied Near-term FCF Growth8.4%

Historical Revenue Growth-0.4%

Historical Earnings Growth—

Base FCF (TTM)$501.01M

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$61.06

Upside / Downside-73.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.04B

Target EV/EBITDA multipleCurrent: 12.1×

Net Debt($B)Default: $2.47B

Results

Implied Equity Value / share$62.34

Current Price$61.06

Upside / Downside+2.1%

Implied EV$12.59B

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

Mult \ Net Debt	$465.15M	$1.47B	$2.47B	$3.47B	$4.47B
8.1x	$49.00	$42.84	$36.68	$30.52	$24.36
10.1x	$61.83	$55.67	$49.51	$43.35	$37.19
12.1x	$74.66	$68.50	$62.34	$56.18	$50.02
14.1x	$87.49	$81.33	$75.17	$69.01	$62.85
16.1x	$100.32	$94.16	$88.00	$81.84	$75.68

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