LAND — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.16)
DCF	$2285.96	+18699.0%
Graham Number	—	—
Reverse DCF	—	implied g: 6.7%
DDM	$11.54	-5.1%
EV/EBITDA	$13.65	+12.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $50.40M

Near-term growth (yrs 1–5)(%)Rev: 96.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.97%

Computed WACC: 4.97%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × 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)45.57%

Debt weight (D/V)54.43%

Results

Intrinsic Value / share$7803.10

Current Price$12.16

Upside / Downside+64070.2%

Net Debt (used)$525.02M

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

WACC \ Near-term	88.5%	92.5%	96.5%	100.5%	104.5%
7.0%	$3048.09	$3385.94	$3753.00	$4151.14	$4582.28
8.0%	$2339.83	$2599.30	$2881.20	$3186.95	$3518.03
9.0%	$1859.18	$2065.47	$2289.58	$2532.64	$2795.82
10.0%	$1514.37	$1682.52	$1865.18	$2063.27	$2277.76
11.0%	$1256.88	$1396.54	$1548.25	$1712.78	$1890.91

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.39

Book Value / share($)Yahoo: $17.63

Results

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

Graham Number—

Current Price$12.16

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.97%

Terminal growth rate(%)

Computed WACC: 4.97%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × 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)45.57%

Debt weight (D/V)54.43%

Results

Current Price$12.16

Implied Near-term FCF Growth-7.8%

Historical Revenue Growth96.5%

Historical Earnings Growth—

Base FCF (TTM)$50.40M

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$12.16

Upside / Downside-5.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $70.29M

Target EV/EBITDA multipleCurrent: 14.7×

Net Debt($B)Default: $525.02M

Results

Implied Equity Value / share$13.65

Current Price$12.16

Upside / Downside+12.3%

Implied EV$1.03B

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

Mult \ Net Debt	-$1.47B	-$474.98M	$525.02M	$1.53B	$2.53B
10.7x	$59.78	$32.94	$6.11	$-20.72	$-47.56
12.7x	$63.55	$36.72	$9.88	$-16.95	$-43.78
14.7x	$67.32	$40.49	$13.65	$-13.18	$-40.01
16.7x	$71.09	$44.26	$17.43	$-9.41	$-36.24
18.7x	$74.87	$48.03	$21.20	$-5.63	$-32.47

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