NEM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($130.00)
DCF	$379.55	+192.0%
Graham Number	$66.93	-48.5%
Reverse DCF	—	implied g: 1.9%
DDM	$21.42	-83.5%
EV/EBITDA	$130.16	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $9.50B

Near-term growth (yrs 1–5)(%)Rev: 20.6% / EPS: -4.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.44%

Computed WACC: 6.44%

Cost of equity (Re)6.70%(Rf 4.30% + β 0.44 × 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)96.14%

Debt weight (D/V)3.86%

Results

Intrinsic Value / share$664.90

Current Price$130.00

Upside / Downside+411.5%

Net Debt (used)-$2.54B

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

WACC \ Near-term	12.6%	16.6%	20.6%	24.6%	28.6%
7.0%	$414.13	$488.82	$574.23	$671.48	$781.76
8.0%	$332.14	$391.28	$458.84	$535.72	$622.85
9.0%	$275.77	$324.23	$379.55	$442.46	$513.71
10.0%	$234.75	$275.45	$321.89	$374.65	$434.37
11.0%	$203.63	$238.47	$278.18	$323.27	$374.28

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.40

Book Value / share($)Yahoo: $31.11

Results

Graham Number$66.93

Current Price$130.00

Margin of Safety-48.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.44%

Terminal growth rate(%)

Computed WACC: 6.44%

Cost of equity (Re)6.70%(Rf 4.30% + β 0.44 × 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)96.14%

Debt weight (D/V)3.86%

Results

Current Price$130.00

Implied Near-term FCF Growth-5.7%

Historical Revenue Growth20.6%

Historical Earnings Growth-4.6%

Base FCF (TTM)$9.50B

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: $1.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.42

Current Price$130.00

Upside / Downside-83.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $13.86B

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: -$2.54B

Results

Implied Equity Value / share$130.16

Current Price$130.00

Upside / Downside+0.1%

Implied EV$139.05B

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

Mult \ Net Debt	-$4.54B	-$3.54B	-$2.54B	-$1.54B	-$543.00M
6.0x	$81.04	$80.12	$79.20	$78.28	$77.36
8.0x	$106.52	$105.60	$104.68	$103.76	$102.84
10.0x	$132.00	$131.08	$130.16	$129.24	$128.32
12.0x	$157.47	$156.55	$155.63	$154.71	$153.80
14.0x	$182.95	$182.03	$181.11	$180.19	$179.27

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