LNN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($132.30)
DCF	$93.76	-29.1%
Graham Number	$86.26	-34.8%
Reverse DCF	—	implied g: 11.2%
DDM	$30.49	-77.0%
EV/EBITDA	$135.12	+2.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $52.20M

Near-term growth (yrs 1–5)(%)Rev: -6.3% / EPS: -1.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.86%

Computed WACC: 7.86%

Cost of equity (Re)8.62%(Rf 4.30% + β 0.79 × 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)91.16%

Debt weight (D/V)8.84%

Results

Intrinsic Value / share$112.63

Current Price$132.30

Upside / Downside-14.9%

Net Debt (used)-$63.75M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$94.51	$112.39	$133.19	$157.27	$185.00
8.0%	$78.78	$93.17	$109.89	$129.21	$151.44
9.0%	$67.88	$79.86	$93.76	$109.80	$128.24
10.0%	$59.88	$70.10	$81.94	$95.59	$111.25
11.0%	$53.75	$62.63	$72.90	$84.73	$98.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.76

Book Value / share($)Yahoo: $48.92

Results

Graham Number$86.26

Current Price$132.30

Margin of Safety-34.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.86%

Terminal growth rate(%)

Computed WACC: 7.86%

Cost of equity (Re)8.62%(Rf 4.30% + β 0.79 × 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)91.16%

Debt weight (D/V)8.84%

Results

Current Price$132.30

Implied Near-term FCF Growth7.8%

Historical Revenue Growth-6.3%

Historical Earnings Growth-1.9%

Base FCF (TTM)$52.20M

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: $1.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$30.49

Current Price$132.30

Upside / Downside-77.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $107.22M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: -$63.75M

Results

Implied Equity Value / share$135.12

Current Price$132.30

Upside / Downside+2.1%

Implied EV$1.35B

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

Mult \ Net Debt	-$2.06B	-$1.06B	-$63.75M	$936.25M	$1.94B
8.6x	$285.40	$189.75	$94.09	$-1.56	$-97.21
10.6x	$305.91	$210.26	$114.61	$18.95	$-76.70
12.6x	$326.42	$230.77	$135.12	$39.47	$-56.18
14.6x	$346.93	$251.28	$155.63	$59.98	$-35.67
16.6x	$367.44	$271.79	$176.14	$80.49	$-15.16

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