NI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.13)
DCF	$-129.92	-381.6%
Graham Number	$29.44	-36.2%
Reverse DCF	—	—
DDM	$24.72	-46.4%
EV/EBITDA	$51.67	+12.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.12B

Near-term growth (yrs 1–5)(%)Rev: 19.8% / EPS: 11.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.43%

Computed WACC: 4.43%

Cost of equity (Re)7.69%(Rf 4.30% + β 0.62 × 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)57.61%

Debt weight (D/V)42.39%

Results

Intrinsic Value / share$-396.23

Current Price$46.13

Upside / Downside-958.9%

Net Debt (used)$16.13B

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

WACC \ Near-term	11.8%	15.8%	19.8%	23.8%	27.8%
7.0%	$-138.36	$-157.46	$-179.31	$-204.21	$-232.46
8.0%	$-117.61	$-132.74	$-150.04	$-169.73	$-192.07
9.0%	$-103.34	$-115.75	$-129.92	$-146.05	$-164.33
10.0%	$-92.95	$-103.38	$-115.28	$-128.82	$-144.15
11.0%	$-85.07	$-94.00	$-104.19	$-115.76	$-128.86

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.95

Book Value / share($)Yahoo: $19.75

Results

Graham Number$29.44

Current Price$46.13

Margin of Safety-36.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.43%

Terminal growth rate(%)

Computed WACC: 4.43%

Cost of equity (Re)7.69%(Rf 4.30% + β 0.62 × 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)57.61%

Debt weight (D/V)42.39%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$46.13

Implied Near-term FCF Growth—

Historical Revenue Growth19.8%

Historical Earnings Growth11.1%

Base FCF (TTM)-$1.12B

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$46.13

Upside / Downside-46.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.89B

Target EV/EBITDA multipleCurrent: 14.1×

Net Debt($B)Default: $16.13B

Results

Implied Equity Value / share$51.67

Current Price$46.13

Upside / Downside+12.0%

Implied EV$40.86B

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

Mult \ Net Debt	$8.13B	$12.13B	$16.13B	$20.13B	$24.13B
10.1x	$44.25	$35.89	$27.53	$19.17	$10.81
12.1x	$56.32	$47.96	$39.60	$31.24	$22.88
14.1x	$68.39	$60.03	$51.67	$43.31	$34.95
16.1x	$80.45	$72.10	$63.74	$55.38	$47.02
18.1x	$92.52	$84.16	$75.80	$67.45	$59.09

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