MOD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($209.93)
DCF	$-167.65	-179.9%
Graham Number	$29.58	-85.9%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$210.09	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$109.58M

Near-term growth (yrs 1–5)(%)Rev: 30.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.05%

Computed WACC: 13.05%

Cost of equity (Re)13.53%(Rf 4.30% + β 1.68 × ERP 5.50%)

Cost of debt (Rd)7.58%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)93.63%

Debt weight (D/V)6.37%

Results

Intrinsic Value / share$-96.99

Current Price$209.93

Upside / Downside-146.2%

Net Debt (used)$654.40M

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

WACC \ Near-term	22.5%	26.5%	30.5%	34.5%	38.5%
7.0%	$-189.25	$-219.08	$-252.86	$-290.98	$-333.84
8.0%	$-152.48	$-175.92	$-202.46	$-232.38	$-266.02
9.0%	$-127.28	$-146.35	$-167.93	$-192.25	$-219.57
10.0%	$-109.01	$-124.92	$-142.90	$-163.16	$-185.92
11.0%	$-95.21	$-108.72	$-124.00	$-141.20	$-160.51

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.83

Book Value / share($)Yahoo: $21.25

Results

Graham Number$29.58

Current Price$209.93

Margin of Safety-85.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.05%

Terminal growth rate(%)

Computed WACC: 13.05%

Cost of equity (Re)13.53%(Rf 4.30% + β 1.68 × ERP 5.50%)

Cost of debt (Rd)7.58%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)93.63%

Debt weight (D/V)6.37%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$209.93

Implied Near-term FCF Growth—

Historical Revenue Growth30.5%

Historical Earnings Growth—

Base FCF (TTM)-$109.58M

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$209.93

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $419.60M

Target EV/EBITDA multipleCurrent: 28.0×

Net Debt($B)Default: $654.40M

Results

Implied Equity Value / share$210.09

Current Price$209.93

Upside / Downside+0.1%

Implied EV$11.73B

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

Mult \ Net Debt	-$1.35B	-$345.60M	$654.40M	$1.65B	$2.65B
24.0x	$216.18	$197.22	$178.26	$159.29	$140.33
26.0x	$232.10	$213.13	$194.17	$175.21	$156.24
28.0x	$248.01	$229.05	$210.09	$191.12	$172.16
30.0x	$263.93	$244.96	$226.00	$207.04	$188.07
32.0x	$279.84	$260.88	$241.91	$222.95	$203.99

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