LXP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.09)
DCF	$32.78	-33.2%
Graham Number	$36.70	-25.2%
Reverse DCF	—	implied g: 9.6%
DDM	$56.24	+14.6%
EV/EBITDA	$50.88	+3.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $178.10M

Near-term growth (yrs 1–5)(%)Rev: -14.0% / EPS: -13.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.08%

Computed WACC: 7.08%

Cost of equity (Re)10.40%(Rf 4.30% + β 1.11 × 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)68.10%

Debt weight (D/V)31.90%

Results

Intrinsic Value / share$55.24

Current Price$49.09

Upside / Downside+12.5%

Net Debt (used)$1.19B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$33.24	$44.03	$56.59	$71.12	$87.87
8.0%	$23.74	$32.43	$42.52	$54.18	$67.60
9.0%	$17.15	$24.39	$32.78	$42.47	$53.60
10.0%	$12.32	$18.49	$25.64	$33.88	$43.34
11.0%	$8.62	$13.99	$20.19	$27.33	$35.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.82

Book Value / share($)Yahoo: $32.88

Results

Graham Number$36.70

Current Price$49.09

Margin of Safety-25.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.08%

Terminal growth rate(%)

Computed WACC: 7.08%

Cost of equity (Re)10.40%(Rf 4.30% + β 1.11 × 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)68.10%

Debt weight (D/V)31.90%

Results

Current Price$49.09

Implied Near-term FCF Growth3.6%

Historical Revenue Growth-14.0%

Historical Earnings Growth-13.7%

Base FCF (TTM)$178.10M

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: $2.73

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$56.24

Current Price$49.09

Upside / Downside+14.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $239.71M

Target EV/EBITDA multipleCurrent: 17.5×

Net Debt($B)Default: $1.19B

Results

Implied Equity Value / share$50.88

Current Price$49.09

Upside / Downside+3.6%

Implied EV$4.20B

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

Mult \ Net Debt	$1.19B	$1.19B	$1.19B	$1.19B	$1.19B
13.5x	$34.65	$34.65	$34.65	$34.65	$34.65
15.5x	$42.76	$42.76	$42.76	$42.76	$42.76
17.5x	$50.88	$50.88	$50.88	$50.88	$50.88
19.5x	$58.99	$58.99	$58.99	$58.99	$58.99
21.5x	$67.11	$67.11	$67.11	$67.11	$67.11

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