LAZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($48.55)
DCF	$-9.83	-120.2%
Graham Number	$21.31	-56.1%
Reverse DCF	—	—
DDM	$41.20	-15.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 10.0% / EPS: -43.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.79%

Computed WACC: 7.79%

Cost of equity (Re)11.83%(Rf 4.30% + β 1.37 × 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)65.82%

Debt weight (D/V)34.18%

Results

Intrinsic Value / share$-9.83

Current Price$48.55

Upside / Downside-120.2%

Net Debt (used)$922.76M

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

WACC \ Near-term	2.0%	6.0%	10.0%	14.0%	18.0%
7.0%	$-9.83	$-9.83	$-9.83	$-9.83	$-9.83
8.0%	$-9.83	$-9.83	$-9.83	$-9.83	$-9.83
9.0%	$-9.83	$-9.83	$-9.83	$-9.83	$-9.83
10.0%	$-9.83	$-9.83	$-9.83	$-9.83	$-9.83
11.0%	$-9.83	$-9.83	$-9.83	$-9.83	$-9.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.17

Book Value / share($)Yahoo: $9.30

Results

Graham Number$21.31

Current Price$48.55

Margin of Safety-56.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.79%

Terminal growth rate(%)

Computed WACC: 7.79%

Cost of equity (Re)11.83%(Rf 4.30% + β 1.37 × 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)65.82%

Debt weight (D/V)34.18%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$48.55

Implied Near-term FCF Growth—

Historical Revenue Growth10.0%

Historical Earnings Growth-43.3%

Base FCF (TTM)—

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$48.55

Upside / Downside-15.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $922.76M

Results

Implied Equity Value / share$-9.83

Current Price$48.55

Upside / Downside-120.2%

Implied EV$0

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