NATL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.50)
DCF	$10356.29	+22171.6%
Graham Number	$14.67	-68.4%
Reverse DCF	—	implied g: 0.8%
DDM	—	—
EV/EBITDA	$47.90	+3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $433.38M

Near-term growth (yrs 1–5)(%)Rev: 4.0% / EPS: 97.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.65%

Computed WACC: 4.65%

Cost of equity (Re)8.67%(Rf 4.30% + β 0.79 × 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)53.62%

Debt weight (D/V)46.38%

Results

Intrinsic Value / share$41427.89

Current Price$46.50

Upside / Downside+88992.2%

Net Debt (used)$2.52B

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

WACC \ Near-term	89.5%	93.5%	97.5%	101.5%	105.5%
7.0%	$13819.14	$15339.29	$16990.20	$18780.13	$20717.68
8.0%	$10612.87	$11780.16	$13047.80	$14422.12	$15909.74
9.0%	$8437.13	$9365.01	$10372.60	$11464.95	$12647.29
10.0%	$6876.42	$7632.58	$8453.67	$9343.79	$10307.19
11.0%	$5711.02	$6339.00	$7020.85	$7759.99	$8559.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.75

Book Value / share($)Yahoo: $5.47

Results

Graham Number$14.67

Current Price$46.50

Margin of Safety-68.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.65%

Terminal growth rate(%)

Computed WACC: 4.65%

Cost of equity (Re)8.67%(Rf 4.30% + β 0.79 × 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)53.62%

Debt weight (D/V)46.38%

Results

Current Price$46.50

Implied Near-term FCF Growth-14.4%

Historical Revenue Growth4.0%

Historical Earnings Growth97.5%

Base FCF (TTM)$433.38M

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$46.50

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $818.00M

Target EV/EBITDA multipleCurrent: 7.4×

Net Debt($B)Default: $2.52B

Results

Implied Equity Value / share$47.90

Current Price$46.50

Upside / Downside+3.0%

Implied EV$6.06B

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

Mult \ Net Debt	$516.00M	$1.52B	$2.52B	$3.52B	$4.52B
3.4x	$30.68	$17.15	$3.62	$-9.91	$-23.44
5.4x	$52.82	$39.29	$25.76	$12.23	$-1.30
7.4x	$74.96	$61.43	$47.90	$34.36	$20.83
9.4x	$97.09	$83.56	$70.03	$56.50	$42.97
11.4x	$119.23	$105.70	$92.17	$78.64	$65.11

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