LAMR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($137.72)
DCF	$52.77	-61.7%
Graham Number	$36.03	-73.8%
Reverse DCF	—	implied g: 14.9%
DDM	$131.84	-4.3%
EV/EBITDA	$162.43	+17.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $537.70M

Near-term growth (yrs 1–5)(%)Rev: 2.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.16%

Computed WACC: 8.16%

Cost of equity (Re)11.04%(Rf 4.30% + β 1.23 × 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)73.94%

Debt weight (D/V)26.06%

Results

Intrinsic Value / share$69.08

Current Price$137.72

Upside / Downside-49.8%

Net Debt (used)$4.85B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$53.70	$75.85	$101.63	$131.46	$165.81
8.0%	$34.21	$52.04	$72.75	$96.69	$124.23
9.0%	$20.70	$35.55	$52.77	$72.65	$95.49
10.0%	$10.78	$23.45	$38.12	$55.03	$74.44
11.0%	$3.19	$14.20	$26.92	$41.57	$58.37

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.78

Book Value / share($)Yahoo: $9.98

Results

Graham Number$36.03

Current Price$137.72

Margin of Safety-73.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.16%

Terminal growth rate(%)

Computed WACC: 8.16%

Cost of equity (Re)11.04%(Rf 4.30% + β 1.23 × 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)73.94%

Debt weight (D/V)26.06%

Results

Current Price$137.72

Implied Near-term FCF Growth12.3%

Historical Revenue Growth2.3%

Historical Earnings Growth—

Base FCF (TTM)$537.70M

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: $6.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$131.84

Current Price$137.72

Upside / Downside-4.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.02B

Target EV/EBITDA multipleCurrent: 18.5×

Net Debt($B)Default: $4.85B

Results

Implied Equity Value / share$162.43

Current Price$137.72

Upside / Downside+17.9%

Implied EV$18.97B

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

Mult \ Net Debt	$2.85B	$3.85B	$4.85B	$5.85B	$6.85B
14.5x	$138.28	$126.77	$115.27	$103.76	$92.26
16.5x	$161.86	$150.35	$138.85	$127.34	$115.83
18.5x	$185.44	$173.93	$162.43	$150.92	$139.41
20.5x	$209.02	$197.51	$186.01	$174.50	$162.99
22.5x	$232.60	$221.09	$209.59	$198.08	$186.57

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