MD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.57)
DCF	$56.86	+190.6%
Graham Number	$21.60	+10.3%
Reverse DCF	—	implied g: -5.9%
DDM	—	—
EV/EBITDA	$19.11	-2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $190.33M

Near-term growth (yrs 1–5)(%)Rev: -1.7% / EPS: 11.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.23%

Computed WACC: 6.23%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × 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)72.59%

Debt weight (D/V)27.41%

Results

Intrinsic Value / share$103.89

Current Price$19.57

Upside / Downside+430.9%

Net Debt (used)$134.89M

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

WACC \ Near-term	3.4%	7.4%	11.4%	15.4%	19.4%
7.0%	$59.46	$71.29	$84.96	$100.67	$118.64
8.0%	$47.97	$57.43	$68.33	$80.85	$95.16
9.0%	$40.05	$47.86	$56.86	$67.19	$78.98
10.0%	$34.25	$40.87	$48.49	$57.22	$67.17
11.0%	$29.84	$35.55	$42.11	$49.63	$58.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.94

Book Value / share($)Yahoo: $10.68

Results

Graham Number$21.60

Current Price$19.57

Margin of Safety+10.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.23%

Terminal growth rate(%)

Computed WACC: 6.23%

Cost of equity (Re)8.58%(Rf 4.30% + β 0.78 × 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)72.59%

Debt weight (D/V)27.41%

Results

Current Price$19.57

Implied Near-term FCF Growth-13.4%

Historical Revenue Growth-1.7%

Historical Earnings Growth11.4%

Base FCF (TTM)$190.33M

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$19.57

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $252.91M

Target EV/EBITDA multipleCurrent: 6.8×

Net Debt($B)Default: $134.89M

Results

Implied Equity Value / share$19.11

Current Price$19.57

Upside / Downside-2.3%

Implied EV$1.72B

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

Mult \ Net Debt	-$1.87B	-$865.11M	$134.89M	$1.13B	$2.13B
2.8x	$31.02	$18.97	$6.92	$-5.12	$-17.17
4.8x	$37.12	$25.07	$13.02	$0.97	$-11.08
6.8x	$43.21	$31.16	$19.11	$7.07	$-4.98
8.8x	$49.30	$37.26	$25.21	$13.16	$1.11
10.8x	$55.40	$43.35	$31.30	$19.25	$7.21

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