NDAQ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.69)
DCF	$522.08	+495.3%
Graham Number	$38.62	-56.0%
Reverse DCF	—	implied g: 17.0%
DDM	$22.25	-74.6%
EV/EBITDA	$87.59	-0.1%

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: 4.6% / EPS: 47.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.34%

Computed WACC: 8.34%

Cost of equity (Re)9.93%(Rf 4.30% + β 1.02 × 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)84.02%

Debt weight (D/V)15.98%

Results

Intrinsic Value / share$600.87

Current Price$87.69

Upside / Downside+585.2%

Net Debt (used)$8.91B

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

WACC \ Near-term	39.6%	43.6%	47.6%	51.6%	55.6%
7.0%	$631.14	$727.65	$835.43	$955.43	$1088.69
8.0%	$490.13	$565.28	$649.19	$742.59	$846.28
9.0%	$393.89	$454.47	$522.08	$597.34	$680.87
10.0%	$324.40	$374.47	$430.34	$492.51	$561.50
11.0%	$272.14	$314.31	$361.36	$413.70	$471.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.09

Book Value / share($)Yahoo: $21.45

Results

Graham Number$38.62

Current Price$87.69

Margin of Safety-56.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.34%

Terminal growth rate(%)

Computed WACC: 8.34%

Cost of equity (Re)9.93%(Rf 4.30% + β 1.02 × 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)84.02%

Debt weight (D/V)15.98%

Results

Current Price$87.69

Implied Near-term FCF Growth14.9%

Historical Revenue Growth4.6%

Historical Earnings Growth47.6%

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: $1.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.25

Current Price$87.69

Upside / Downside-74.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.12B

Target EV/EBITDA multipleCurrent: 18.8×

Net Debt($B)Default: $8.91B

Results

Implied Equity Value / share$87.59

Current Price$87.69

Upside / Downside-0.1%

Implied EV$58.70B

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

Mult \ Net Debt	$4.91B	$6.91B	$8.91B	$10.91B	$12.91B
14.8x	$72.69	$69.18	$65.66	$62.14	$58.62
16.8x	$83.66	$80.14	$76.62	$73.11	$69.59
18.8x	$94.63	$91.11	$87.59	$84.07	$80.55
20.8x	$105.59	$102.08	$98.56	$95.04	$91.52
22.8x	$116.56	$113.04	$109.52	$106.01	$102.49

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