KWR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($139.94)
DCF	$970.00	+593.2%
Graham Number	—	—
Reverse DCF	—	implied g: 16.7%
DDM	$41.82	-70.1%
EV/EBITDA	$145.93	+4.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $91.07M

Near-term growth (yrs 1–5)(%)Rev: 5.5% / EPS: 48.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.90%

Computed WACC: 9.90%

Cost of equity (Re)11.94%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)5.59%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)72.88%

Debt weight (D/V)27.12%

Results

Intrinsic Value / share$812.00

Current Price$139.94

Upside / Downside+480.2%

Net Debt (used)$726.01M

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

WACC \ Near-term	40.6%	44.6%	48.6%	52.6%	56.6%
7.0%	$1178.66	$1359.51	$1561.32	$1785.89	$2035.08
8.0%	$912.03	$1052.79	$1209.84	$1384.55	$1578.37
9.0%	$730.06	$843.49	$970.00	$1110.71	$1266.79
10.0%	$598.72	$692.42	$796.91	$913.11	$1041.96
11.0%	$499.97	$578.86	$666.81	$764.59	$872.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.52

Book Value / share($)Yahoo: $79.22

Results

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

Graham Number—

Current Price$139.94

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.90%

Terminal growth rate(%)

Computed WACC: 9.90%

Cost of equity (Re)11.94%(Rf 4.30% + β 1.39 × ERP 5.50%)

Cost of debt (Rd)5.59%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)72.88%

Debt weight (D/V)27.12%

Results

Current Price$139.94

Implied Near-term FCF Growth19.3%

Historical Revenue Growth5.5%

Historical Earnings Growth48.6%

Base FCF (TTM)$91.07M

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: $2.03

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.82

Current Price$139.94

Upside / Downside-70.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $286.79M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $726.01M

Results

Implied Equity Value / share$145.93

Current Price$139.94

Upside / Downside+4.3%

Implied EV$3.26B

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

Mult \ Net Debt	-$1.27B	-$273.99M	$726.01M	$1.73B	$2.73B
7.4x	$195.12	$137.45	$79.78	$22.11	$-35.56
9.4x	$228.19	$170.52	$112.85	$55.18	$-2.49
11.4x	$261.27	$203.60	$145.93	$88.26	$30.59
13.4x	$294.35	$236.68	$179.01	$121.34	$63.67
15.4x	$327.43	$269.76	$212.09	$154.42	$96.75

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