KOP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.42)
DCF	$-10.56	-129.0%
Graham Number	$23.47	-35.5%
Reverse DCF	—	implied g: 18.5%
DDM	$7.42	-79.6%
EV/EBITDA	$36.49	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $44.46M

Near-term growth (yrs 1–5)(%)Rev: -9.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.83%

Computed WACC: 4.83%

Cost of equity (Re)11.72%(Rf 4.30% + β 1.35 × 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)41.18%

Debt weight (D/V)58.82%

Results

Intrinsic Value / share$61.57

Current Price$36.42

Upside / Downside+69.0%

Net Debt (used)$987.70M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-10.22	$-2.10	$7.34	$18.27	$30.86
8.0%	$-17.36	$-10.83	$-3.24	$5.53	$15.63
9.0%	$-22.31	$-16.87	$-10.56	$-3.28	$5.09
10.0%	$-25.94	$-21.30	$-15.93	$-9.73	$-2.62
11.0%	$-28.72	$-24.69	$-20.03	$-14.66	$-8.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.83

Book Value / share($)Yahoo: $29.50

Results

Graham Number$23.47

Current Price$36.42

Margin of Safety-35.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.83%

Terminal growth rate(%)

Computed WACC: 4.83%

Cost of equity (Re)11.72%(Rf 4.30% + β 1.35 × 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)41.18%

Debt weight (D/V)58.82%

Results

Current Price$36.42

Implied Near-term FCF Growth1.2%

Historical Revenue Growth-9.3%

Historical Earnings Growth—

Base FCF (TTM)$44.46M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$36.42

Upside / Downside-79.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $312.60M

Target EV/EBITDA multipleCurrent: 5.4×

Net Debt($B)Default: $987.70M

Results

Implied Equity Value / share$36.49

Current Price$36.42

Upside / Downside+0.2%

Implied EV$1.70B

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

Mult \ Net Debt	-$1.01B	-$12.30M	$987.70M	$1.99B	$2.99B
1.4x	$74.70	$23.72	$-27.26	$-78.25	$-129.23
3.4x	$106.58	$55.60	$4.61	$-46.37	$-97.36
5.4x	$138.46	$87.47	$36.49	$-14.50	$-65.48
7.4x	$170.33	$119.35	$68.36	$17.38	$-33.61
9.4x	$202.21	$151.22	$100.24	$49.25	$-1.73

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