LRN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($85.98)
DCF	$3305.99	+3745.1%
Graham Number	$73.45	-14.6%
Reverse DCF	—	implied g: 30.0%
DDM	—	—
EV/EBITDA	$83.27	-3.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $51.59M

Near-term growth (yrs 1–5)(%)Rev: 47.8% / EPS: 108.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.40%

Computed WACC: 4.40%

Cost of equity (Re)4.95%(Rf 4.30% + β 0.12 × 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)89.00%

Debt weight (D/V)11.00%

Results

Intrinsic Value / share$15266.48

Current Price$85.98

Upside / Downside+17655.8%

Net Debt (used)$80.20M

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

WACC \ Near-term	100.3%	104.3%	108.3%	112.3%	116.3%
7.0%	$4459.28	$4921.76	$5421.85	$5961.80	$6543.95
8.0%	$3420.12	$3774.63	$4157.97	$4571.85	$5018.06
9.0%	$2715.46	$2996.77	$3300.95	$3629.35	$3983.39
10.0%	$2210.39	$2439.24	$2686.68	$2953.82	$3241.82
11.0%	$1833.57	$2023.29	$2228.42	$2449.86	$2688.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.51

Book Value / share($)Yahoo: $36.83

Results

Graham Number$73.45

Current Price$85.98

Margin of Safety-14.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.40%

Terminal growth rate(%)

Computed WACC: 4.40%

Cost of equity (Re)4.95%(Rf 4.30% + β 0.12 × 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)89.00%

Debt weight (D/V)11.00%

Results

Current Price$85.98

Implied Near-term FCF Growth7.7%

Historical Revenue Growth47.8%

Historical Earnings Growth108.3%

Base FCF (TTM)$51.59M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$85.98

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $517.39M

Target EV/EBITDA multipleCurrent: 7.0×

Net Debt($B)Default: $80.20M

Results

Implied Equity Value / share$83.27

Current Price$85.98

Upside / Downside-3.2%

Implied EV$3.63B

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

Mult \ Net Debt	-$1.92B	-$919.80M	$80.20M	$1.08B	$2.08B
3.0x	$81.64	$58.15	$34.67	$11.18	$-12.30
5.0x	$105.94	$82.45	$58.97	$35.48	$12.00
7.0x	$130.24	$106.76	$83.27	$59.79	$36.30
9.0x	$154.54	$131.06	$107.57	$84.09	$60.60
11.0x	$178.84	$155.36	$131.87	$108.39	$84.90

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