LEG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.68)
DCF	$2674.39	+22797.1%
Graham Number	$16.94	+45.0%
Reverse DCF	—	implied g: -7.1%
DDM	$4.12	-64.7%
EV/EBITDA	$11.72	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $308.70M

Near-term growth (yrs 1–5)(%)Rev: -11.2% / EPS: 87.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.77%

Computed WACC: 5.77%

Cost of equity (Re)8.23%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.87%

Debt weight (D/V)51.13%

Results

Intrinsic Value / share$6491.09

Current Price$11.68

Upside / Downside+55474.4%

Net Debt (used)$1.07B

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

WACC \ Near-term	79.7%	83.7%	87.7%	91.7%	95.7%
7.0%	$3515.33	$3923.52	$4368.76	$4853.51	$5380.34
8.0%	$2705.70	$3019.72	$3362.23	$3735.10	$4140.33
9.0%	$2155.87	$2405.95	$2678.70	$2975.62	$3298.28
10.0%	$1761.12	$1965.31	$2187.99	$2430.39	$2693.78
11.0%	$1466.09	$1635.99	$1821.25	$2022.91	$2242.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.69

Book Value / share($)Yahoo: $7.54

Results

Graham Number$16.94

Current Price$11.68

Margin of Safety+45.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.77%

Terminal growth rate(%)

Computed WACC: 5.77%

Cost of equity (Re)8.23%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.34%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)48.87%

Debt weight (D/V)51.13%

Results

Current Price$11.68

Implied Near-term FCF Growth-16.1%

Historical Revenue Growth-11.2%

Historical Earnings Growth87.7%

Base FCF (TTM)$308.70M

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$11.68

Upside / Downside-64.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $369.00M

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: $1.07B

Results

Implied Equity Value / share$11.72

Current Price$11.68

Upside / Downside+0.3%

Implied EV$2.66B

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

Mult \ Net Debt	$1.07B	$1.07B	$1.07B	$1.07B	$1.07B
3.2x	$0.82	$0.82	$0.82	$0.82	$0.82
5.2x	$6.27	$6.27	$6.27	$6.27	$6.27
7.2x	$11.72	$11.72	$11.72	$11.72	$11.72
9.2x	$17.16	$17.16	$17.16	$17.16	$17.16
11.2x	$22.61	$22.61	$22.61	$22.61	$22.61

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