MTD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1325.09)
DCF	$1081.80	-18.4%
Graham Number	—	—
Reverse DCF	—	implied g: 20.3%
DDM	—	—
EV/EBITDA	$1366.67	+3.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $687.08M

Near-term growth (yrs 1–5)(%)Rev: 8.1% / EPS: 17.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.47%

Computed WACC: 11.47%

Cost of equity (Re)12.20%(Rf 4.30% + β 1.44 × ERP 5.50%)

Cost of debt (Rd)3.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.28%

Debt weight (D/V)7.72%

Results

Intrinsic Value / share$716.38

Current Price$1325.09

Upside / Downside-45.9%

Net Debt (used)$2.20B

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

WACC \ Near-term	9.0%	13.0%	17.0%	21.0%	25.0%
7.0%	$1169.52	$1407.44	$1680.51	$1992.52	$2347.55
8.0%	$920.19	$1109.15	$1325.83	$1573.22	$1854.53
9.0%	$748.52	$903.85	$1081.80	$1284.81	$1515.49
10.0%	$623.38	$754.25	$904.05	$1074.80	$1268.69
11.0%	$528.30	$640.63	$769.10	$915.43	$1081.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $42.09

Book Value / share($)Yahoo: $-1.16

Results

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

Graham Number—

Current Price$1325.09

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.47%

Terminal growth rate(%)

Computed WACC: 11.47%

Cost of equity (Re)12.20%(Rf 4.30% + β 1.44 × ERP 5.50%)

Cost of debt (Rd)3.50%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.28%

Debt weight (D/V)7.72%

Results

Current Price$1325.09

Implied Near-term FCF Growth27.3%

Historical Revenue Growth8.1%

Historical Earnings Growth17.0%

Base FCF (TTM)$687.08M

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$1325.09

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.21B

Target EV/EBITDA multipleCurrent: 24.7×

Net Debt($B)Default: $2.20B

Results

Implied Equity Value / share$1366.67

Current Price$1325.09

Upside / Downside+3.1%

Implied EV$29.98B

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

Mult \ Net Debt	$198.44M	$1.20B	$2.20B	$3.20B	$4.20B
20.7x	$1226.57	$1177.37	$1128.17	$1078.97	$1029.77
22.7x	$1345.82	$1296.62	$1247.42	$1198.22	$1149.02
24.7x	$1465.07	$1415.87	$1366.67	$1317.47	$1268.27
26.7x	$1584.32	$1535.12	$1485.92	$1436.72	$1387.52
28.7x	$1703.57	$1654.37	$1605.17	$1555.97	$1506.77

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