KTB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($77.58)
DCF	$73.21	-5.6%
Graham Number	$28.84	-62.8%
Reverse DCF	—	implied g: 28.1%
DDM	$43.67	-43.7%
EV/EBITDA	$64.82	-16.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $87.51M

Near-term growth (yrs 1–5)(%)Rev: 27.3% / EPS: -47.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.85%

Computed WACC: 7.85%

Cost of equity (Re)10.59%(Rf 4.30% + β 1.14 × 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)74.19%

Debt weight (D/V)25.81%

Results

Intrinsic Value / share$98.96

Current Price$77.58

Upside / Downside+27.6%

Net Debt (used)$1.42B

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

WACC \ Near-term	19.3%	23.3%	27.3%	31.3%	35.3%
7.0%	$85.56	$104.74	$126.53	$151.18	$178.97
8.0%	$62.75	$77.85	$95.00	$114.39	$136.25
9.0%	$47.10	$59.41	$73.39	$89.18	$106.97
10.0%	$35.74	$46.03	$57.70	$70.89	$85.73
11.0%	$27.15	$35.92	$45.85	$57.06	$69.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.88

Book Value / share($)Yahoo: $9.53

Results

Graham Number$28.84

Current Price$77.58

Margin of Safety-62.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.85%

Terminal growth rate(%)

Computed WACC: 7.85%

Cost of equity (Re)10.59%(Rf 4.30% + β 1.14 × 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)74.19%

Debt weight (D/V)25.81%

Results

Current Price$77.58

Implied Near-term FCF Growth24.0%

Historical Revenue Growth27.3%

Historical Earnings Growth-47.6%

Base FCF (TTM)$87.51M

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: $2.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.67

Current Price$77.58

Upside / Downside-43.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $461.44M

Target EV/EBITDA multipleCurrent: 10.9×

Net Debt($B)Default: $1.42B

Results

Implied Equity Value / share$64.82

Current Price$77.58

Upside / Downside-16.4%

Implied EV$5.02B

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

Mult \ Net Debt	$1.42B	$1.42B	$1.42B	$1.42B	$1.42B
6.9x	$31.62	$31.62	$31.62	$31.62	$31.62
8.9x	$48.22	$48.22	$48.22	$48.22	$48.22
10.9x	$64.82	$64.82	$64.82	$64.82	$64.82
12.9x	$81.42	$81.42	$81.42	$81.42	$81.42
14.9x	$98.02	$98.02	$98.02	$98.02	$98.02

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