NEE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($92.71)
DCF	$-471.44	-608.5%
Graham Number	$44.12	-52.4%
Reverse DCF	—	—
DDM	$51.29	-44.7%
EV/EBITDA	$98.41	+6.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$15.21B

Near-term growth (yrs 1–5)(%)Rev: 20.7% / EPS: 26.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.60%

Computed WACC: 5.60%

Cost of equity (Re)8.42%(Rf 4.30% + β 0.75 × 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)66.52%

Debt weight (D/V)33.48%

Results

Intrinsic Value / share$-1036.90

Current Price$92.71

Upside / Downside-1218.4%

Net Debt (used)$94.41B

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

WACC \ Near-term	18.0%	22.0%	26.0%	30.0%	34.0%
7.0%	$-521.34	$-604.33	$-698.71	$-805.63	$-926.31
8.0%	$-424.12	$-489.54	$-563.90	$-648.10	$-743.08
9.0%	$-357.41	$-410.79	$-471.44	$-540.06	$-617.44
10.0%	$-308.96	$-353.62	$-404.32	$-461.66	$-526.28
11.0%	$-272.29	$-310.36	$-353.55	$-402.37	$-457.36

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.30

Book Value / share($)Yahoo: $26.22

Results

Graham Number$44.12

Current Price$92.71

Margin of Safety-52.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.60%

Terminal growth rate(%)

Computed WACC: 5.60%

Cost of equity (Re)8.42%(Rf 4.30% + β 0.75 × 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)66.52%

Debt weight (D/V)33.48%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$92.71

Implied Near-term FCF Growth—

Historical Revenue Growth20.7%

Historical Earnings Growth26.0%

Base FCF (TTM)-$15.21B

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: $2.49

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.29

Current Price$92.71

Upside / Downside-44.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $14.14B

Target EV/EBITDA multipleCurrent: 21.2×

Net Debt($B)Default: $94.41B

Results

Implied Equity Value / share$98.41

Current Price$92.71

Upside / Downside+6.1%

Implied EV$299.44B

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

Mult \ Net Debt	$46.41B	$70.41B	$94.41B	$118.41B	$142.41B
17.2x	$94.30	$82.78	$71.27	$59.75	$48.23
19.2x	$107.87	$96.36	$84.84	$73.32	$61.80
21.2x	$121.45	$109.93	$98.41	$86.89	$75.37
23.2x	$135.02	$123.50	$111.98	$100.46	$88.94
25.2x	$148.59	$137.07	$125.55	$114.03	$102.51

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