KW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.92)
DCF	$-17.06	-256.2%
Graham Number	—	—
Reverse DCF	—	implied g: 23.9%
DDM	$9.89	-9.5%
EV/EBITDA	$16.94	+55.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $112.34M

Near-term growth (yrs 1–5)(%)Rev: -5.7% / EPS: -6.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.43%

Computed WACC: 2.43%

Cost of equity (Re)9.71%(Rf 4.30% + β 0.98 × 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)25.03%

Debt weight (D/V)74.97%

Results

Intrinsic Value / share—

Current Price$10.92

Upside / Downside—

Net Debt (used)$4.33B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-16.93	$-14.02	$-10.63	$-6.71	$-2.19
8.0%	$-19.50	$-17.15	$-14.43	$-11.28	$-7.66
9.0%	$-21.27	$-19.32	$-17.06	$-14.44	$-11.44
10.0%	$-22.58	$-20.91	$-18.98	$-16.76	$-14.21
11.0%	$-23.57	$-22.13	$-20.45	$-18.53	$-16.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.27

Book Value / share($)Yahoo: $5.41

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$10.92

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.43%

Terminal growth rate(%)

Computed WACC: 2.43%

Cost of equity (Re)9.71%(Rf 4.30% + β 0.98 × 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)25.03%

Debt weight (D/V)74.97%

Results

Current Price$10.92

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-5.7%

Historical Earnings Growth-6.8%

Base FCF (TTM)$112.34M

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: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$10.92

Upside / Downside-9.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $229.70M

Target EV/EBITDA multipleCurrent: 29.0×

Net Debt($B)Default: $4.33B

Results

Implied Equity Value / share$16.94

Current Price$10.92

Upside / Downside+55.2%

Implied EV$6.67B

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

Mult \ Net Debt	$2.33B	$3.33B	$4.33B	$5.33B	$6.33B
25.0x	$24.77	$17.53	$10.29	$3.05	$-4.19
27.0x	$28.10	$20.86	$13.62	$6.38	$-0.86
29.0x	$31.42	$24.18	$16.94	$9.70	$2.46
31.0x	$34.75	$27.51	$20.27	$13.03	$5.79
33.0x	$38.08	$30.84	$23.60	$16.36	$9.11

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