KRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.19)
DCF	$796826639.48	+3042484205.0%
Graham Number	$21.29	-18.7%
Reverse DCF	—	implied g: 18.6%
DDM	$23.90	-8.8%
EV/EBITDA	$26.76	+2.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $219.05M

Near-term growth (yrs 1–5)(%)Rev: -3.8% / EPS: 747.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.93%

Computed WACC: 5.93%

Cost of equity (Re)9.09%(Rf 4.30% + β 0.87 × 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)65.23%

Debt weight (D/V)34.77%

Results

Intrinsic Value / share$1937495718.89

Current Price$26.19

Upside / Downside+7397845333.0%

Net Debt (used)$3.05B

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

WACC \ Near-term	739.5%	743.5%	747.5%	751.5%	755.5%
7.0%	$1290353507.05	$1321388827.56	$1353018460.27	$1385250900.21	$1418094722.98
8.0%	$973607518.85	$997024523.86	$1020889953.71	$1045210218.14	$1069991787.68
9.0%	$760320965.10	$778608041.89	$797245307.69	$816237768.06	$835590476.02
10.0%	$608618281.21	$623256633.69	$638175303.74	$653378298.17	$668869661.82
11.0%	$496374595.39	$508313284.10	$520480593.02	$532879790.02	$545514173.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.37

Book Value / share($)Yahoo: $14.71

Results

Graham Number$21.29

Current Price$26.19

Margin of Safety-18.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.93%

Terminal growth rate(%)

Computed WACC: 5.93%

Cost of equity (Re)9.09%(Rf 4.30% + β 0.87 × 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)65.23%

Debt weight (D/V)34.77%

Results

Current Price$26.19

Implied Near-term FCF Growth7.3%

Historical Revenue Growth-3.8%

Historical Earnings Growth747.5%

Base FCF (TTM)$219.05M

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: $1.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$23.90

Current Price$26.19

Upside / Downside-8.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $499.03M

Target EV/EBITDA multipleCurrent: 17.2×

Net Debt($B)Default: $3.05B

Results

Implied Equity Value / share$26.76

Current Price$26.19

Upside / Downside+2.2%

Implied EV$8.59B

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

Mult \ Net Debt	$1.05B	$2.05B	$3.05B	$4.05B	$5.05B
13.2x	$26.78	$21.95	$17.11	$12.27	$7.44
15.2x	$31.61	$26.77	$21.94	$17.10	$12.26
17.2x	$36.43	$31.60	$26.76	$21.93	$17.09
19.2x	$41.26	$36.42	$31.59	$26.75	$21.92
21.2x	$46.09	$41.25	$36.42	$31.58	$26.74

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