NET — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($179.96)
DCF	$109.84	-39.0%
Graham Number	—	—
Reverse DCF	—	implied g: 43.1%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $388.03M

Near-term growth (yrs 1–5)(%)Rev: 33.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 14.39%

Computed WACC: 14.39%

Cost of equity (Re)15.19%(Rf 4.30% + β 1.98 × 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)94.74%

Debt weight (D/V)5.26%

Results

Intrinsic Value / share$51.39

Current Price$179.96

Upside / Downside-71.4%

Net Debt (used)-$582.92M

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

WACC \ Near-term	25.6%	29.6%	33.6%	37.6%	41.6%
7.0%	$126.05	$146.53	$169.66	$195.69	$224.88
8.0%	$99.95	$116.01	$134.15	$154.55	$177.42
9.0%	$82.08	$95.12	$109.84	$126.39	$144.94
10.0%	$69.14	$79.99	$92.24	$106.00	$121.42
11.0%	$59.36	$68.57	$78.96	$90.62	$103.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.29

Book Value / share($)Yahoo: $4.15

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$179.96

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 14.39%

Terminal growth rate(%)

Computed WACC: 14.39%

Cost of equity (Re)15.19%(Rf 4.30% + β 1.98 × 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)94.74%

Debt weight (D/V)5.26%

Results

Current Price$179.96

Implied Near-term FCF Growth60.5%

Historical Revenue Growth33.6%

Historical Earnings Growth—

Base FCF (TTM)$388.03M

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$179.96

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$42.44M

Target EV/EBITDA multipleCurrent: -1414.2×

Net Debt($B)Default: -$582.92M

Results

Implied Equity Value / share$191.00

Current Price$179.96

Upside / Downside+6.1%

Implied EV$60.02B

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