LEN-B — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($103.89)
DCF	$6956.33	+6595.9%
Graham Number	$126.35	+21.6%
Reverse DCF	—	implied g: -20.0%
DDM	$41.20	-60.3%
EV/EBITDA	$827.76	+696.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $12.16B

Near-term growth (yrs 1–5)(%)Rev: -5.8% / EPS: -52.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.82%

Computed WACC: 9.82%

Cost of equity (Re)12.02%(Rf 4.30% + β 1.40 × 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)81.73%

Debt weight (D/V)18.27%

Results

Intrinsic Value / share$6181.68

Current Price$103.89

Upside / Downside+5850.2%

Net Debt (used)-$3.74B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7015.06	$8409.42	$10031.59	$11909.08	$14071.52
8.0%	$5788.14	$6910.44	$8214.11	$9720.95	$11454.43
9.0%	$4937.94	$5872.43	$6956.33	$8207.47	$9645.10
10.0%	$4313.80	$5111.02	$6034.34	$7098.72	$8320.32
11.0%	$3835.96	$4528.60	$5329.61	$6251.81	$7309.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.98

Book Value / share($)Yahoo: $88.91

Results

Graham Number$126.35

Current Price$103.89

Margin of Safety+21.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.82%

Terminal growth rate(%)

Computed WACC: 9.82%

Cost of equity (Re)12.02%(Rf 4.30% + β 1.40 × 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)81.73%

Debt weight (D/V)18.27%

Results

Current Price$103.89

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-5.8%

Historical Earnings Growth-52.6%

Base FCF (TTM)$12.16B

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$103.89

Upside / Downside-60.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.99B

Target EV/EBITDA multipleCurrent: 7.4×

Net Debt($B)Default: -$3.74B

Results

Implied Equity Value / share$827.76

Current Price$103.89

Upside / Downside+696.8%

Implied EV$22.10B

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

Mult \ Net Debt	-$5.74B	-$4.74B	-$3.74B	-$2.74B	-$1.74B
3.4x	$508.41	$476.37	$444.34	$412.30	$380.27
5.4x	$700.12	$668.08	$636.05	$604.01	$571.98
7.4x	$891.83	$859.79	$827.76	$795.73	$763.69
9.4x	$1083.54	$1051.50	$1019.47	$987.44	$955.40
11.4x	$1275.25	$1243.21	$1211.18	$1179.15	$1147.11

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