KRC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.67)
DCF	$23.80	-19.8%
Graham Number	$48.89	+64.8%
Reverse DCF	—	implied g: 6.5%
DDM	$44.50	+50.0%
EV/EBITDA	$31.50	+6.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $419.13M

Near-term growth (yrs 1–5)(%)Rev: -5.0% / EPS: -79.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.48%

Computed WACC: 4.48%

Cost of equity (Re)10.43%(Rf 4.30% + β 1.11 × 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)42.94%

Debt weight (D/V)57.06%

Results

Intrinsic Value / share$167.36

Current Price$29.67

Upside / Downside+464.1%

Net Debt (used)$4.54B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$24.34	$37.00	$51.73	$68.79	$88.43
8.0%	$13.19	$23.39	$35.23	$48.91	$64.66
9.0%	$5.47	$13.96	$23.80	$35.17	$48.22
10.0%	$-0.20	$7.04	$15.43	$25.10	$36.19
11.0%	$-4.54	$1.75	$9.03	$17.40	$27.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.32

Book Value / share($)Yahoo: $45.79

Results

Graham Number$48.89

Current Price$29.67

Margin of Safety+64.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.48%

Terminal growth rate(%)

Computed WACC: 4.48%

Cost of equity (Re)10.43%(Rf 4.30% + β 1.11 × 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)42.94%

Debt weight (D/V)57.06%

Results

Current Price$29.67

Implied Near-term FCF Growth-10.8%

Historical Revenue Growth-5.0%

Historical Earnings Growth-79.0%

Base FCF (TTM)$419.13M

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: $2.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$44.50

Current Price$29.67

Upside / Downside+50.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $631.12M

Target EV/EBITDA multipleCurrent: 13.1×

Net Debt($B)Default: $4.54B

Results

Implied Equity Value / share$31.50

Current Price$29.67

Upside / Downside+6.2%

Implied EV$8.27B

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

Mult \ Net Debt	$2.54B	$3.54B	$4.54B	$5.54B	$6.54B
9.1x	$27.08	$18.64	$10.20	$1.76	$-6.68
11.1x	$37.73	$29.29	$20.85	$12.41	$3.97
13.1x	$48.38	$39.94	$31.50	$23.06	$14.62
15.1x	$59.03	$50.59	$42.15	$33.71	$25.28
17.1x	$69.68	$61.24	$52.80	$44.37	$35.93

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