LEVI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.54)
DCF	$46.10	+114.0%
Graham Number	$12.71	-41.0%
Reverse DCF	—	implied g: -3.9%
DDM	$11.54	-46.4%
EV/EBITDA	$81.07	+276.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $355.41M

Near-term growth (yrs 1–5)(%)Rev: 0.9% / EPS: -13.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.02%

Computed WACC: 9.02%

Cost of equity (Re)11.49%(Rf 4.30% + β 1.31 × 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)78.50%

Debt weight (D/V)21.50%

Results

Intrinsic Value / share$45.92

Current Price$21.54

Upside / Downside+113.2%

Net Debt (used)$1.46B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$46.62	$58.89	$73.16	$89.68	$108.70
8.0%	$35.83	$45.70	$57.17	$70.43	$85.68
9.0%	$28.35	$36.57	$46.10	$57.11	$69.76
10.0%	$22.86	$29.87	$37.99	$47.36	$58.11
11.0%	$18.65	$24.75	$31.79	$39.91	$49.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.23

Book Value / share($)Yahoo: $5.84

Results

Graham Number$12.71

Current Price$21.54

Margin of Safety-41.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.02%

Terminal growth rate(%)

Computed WACC: 9.02%

Cost of equity (Re)11.49%(Rf 4.30% + β 1.31 × 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)78.50%

Debt weight (D/V)21.50%

Results

Current Price$21.54

Implied Near-term FCF Growth-3.9%

Historical Revenue Growth0.9%

Historical Earnings Growth-13.4%

Base FCF (TTM)$355.41M

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$21.54

Upside / Downside-46.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $924.70M

Target EV/EBITDA multipleCurrent: 10.7×

Net Debt($B)Default: $1.46B

Results

Implied Equity Value / share$81.07

Current Price$21.54

Upside / Downside+276.4%

Implied EV$9.87B

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

Mult \ Net Debt	$1.46B	$1.46B	$1.46B	$1.46B	$1.46B
6.7x	$45.42	$45.42	$45.42	$45.42	$45.42
8.7x	$63.25	$63.25	$63.25	$63.25	$63.25
10.7x	$81.07	$81.07	$81.07	$81.07	$81.07
12.7x	$98.90	$98.90	$98.90	$98.90	$98.90
14.7x	$116.73	$116.73	$116.73	$116.73	$116.73

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