MAR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($341.73)
DCF	$47.37	-86.1%
Graham Number	—	—
Reverse DCF	—	implied g: 27.7%
DDM	$55.21	-83.8%
EV/EBITDA	$341.73	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.67B

Near-term growth (yrs 1–5)(%)Rev: 4.2% / EPS: 1.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.70%

Computed WACC: 8.70%

Cost of equity (Re)10.36%(Rf 4.30% + β 1.10 × 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)84.05%

Debt weight (D/V)15.95%

Results

Intrinsic Value / share$52.80

Current Price$341.73

Upside / Downside-84.6%

Net Debt (used)$16.82B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$48.32	$70.93	$97.24	$127.68	$162.75
8.0%	$28.43	$46.62	$67.76	$92.20	$120.31
9.0%	$14.64	$29.79	$47.37	$67.66	$90.97
10.0%	$4.52	$17.45	$32.42	$49.68	$69.49
11.0%	$-3.23	$8.00	$20.99	$35.94	$53.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.50

Book Value / share($)Yahoo: $-14.18

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$341.73

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.70%

Terminal growth rate(%)

Computed WACC: 8.70%

Cost of equity (Re)10.36%(Rf 4.30% + β 1.10 × 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)84.05%

Debt weight (D/V)15.95%

Results

Current Price$341.73

Implied Near-term FCF Growth26.7%

Historical Revenue Growth4.2%

Historical Earnings Growth1.6%

Base FCF (TTM)$1.67B

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: $2.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$55.21

Current Price$341.73

Upside / Downside-83.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.60B

Target EV/EBITDA multipleCurrent: 23.4×

Net Debt($B)Default: $16.82B

Results

Implied Equity Value / share$341.73

Current Price$341.73

Upside / Downside-0.0%

Implied EV$107.38B

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

Mult \ Net Debt	$8.82B	$12.82B	$16.82B	$20.82B	$24.82B
19.4x	$302.53	$287.43	$272.34	$257.24	$242.15
21.4x	$337.22	$322.13	$307.03	$291.94	$276.84
23.4x	$371.92	$356.82	$341.73	$326.63	$311.54
25.4x	$406.62	$391.52	$376.42	$361.33	$346.23
27.4x	$441.31	$426.22	$411.12	$396.03	$380.93

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