NE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.98)
DCF	$31.08	-32.4%
Graham Number	$29.49	-35.9%
Reverse DCF	—	implied g: 10.2%
DDM	$41.20	-10.4%
EV/EBITDA	$45.98	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $376.55M

Near-term growth (yrs 1–5)(%)Rev: -20.0% / EPS: -9.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.10%

Computed WACC: 8.10%

Cost of equity (Re)10.46%(Rf 4.30% + β 1.12 × 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)77.42%

Debt weight (D/V)22.58%

Results

Intrinsic Value / share$37.83

Current Price$45.98

Upside / Downside-17.7%

Net Debt (used)$1.66B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$31.43	$39.90	$49.76	$61.16	$74.29
8.0%	$23.98	$30.80	$38.72	$47.87	$58.40
9.0%	$18.82	$24.49	$31.08	$38.68	$47.41
10.0%	$15.02	$19.87	$25.48	$31.94	$39.36
11.0%	$12.12	$16.33	$21.19	$26.80	$33.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.35

Book Value / share($)Yahoo: $28.64

Results

Graham Number$29.49

Current Price$45.98

Margin of Safety-35.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.10%

Terminal growth rate(%)

Computed WACC: 8.10%

Cost of equity (Re)10.46%(Rf 4.30% + β 1.12 × 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)77.42%

Debt weight (D/V)22.58%

Results

Current Price$45.98

Implied Near-term FCF Growth7.6%

Historical Revenue Growth-20.0%

Historical Earnings Growth-9.5%

Base FCF (TTM)$376.55M

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$45.98

Upside / Downside-10.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.06B

Target EV/EBITDA multipleCurrent: 8.5×

Net Debt($B)Default: $1.66B

Results

Implied Equity Value / share$45.98

Current Price$45.98

Upside / Downside+0.0%

Implied EV$8.98B

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

Mult \ Net Debt	$1.66B	$1.66B	$1.66B	$1.66B	$1.66B
4.5x	$19.43	$19.43	$19.43	$19.43	$19.43
6.5x	$32.71	$32.71	$32.71	$32.71	$32.71
8.5x	$45.98	$45.98	$45.98	$45.98	$45.98
10.5x	$59.25	$59.25	$59.25	$59.25	$59.25
12.5x	$72.53	$72.53	$72.53	$72.53	$72.53

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