NIC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($156.04)
DCF	$24.35	-84.4%
Graham Number	$136.83	-12.3%
Reverse DCF	—	—
DDM	$26.37	-83.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 12.9% / EPS: 20.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.05%

Computed WACC: 8.05%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)95.97%

Debt weight (D/V)4.03%

Results

Intrinsic Value / share$24.35

Current Price$156.04

Upside / Downside-84.4%

Net Debt (used)-$520.25M

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

WACC \ Near-term	12.1%	16.1%	20.1%	24.1%	28.1%
7.0%	$24.35	$24.35	$24.35	$24.35	$24.35
8.0%	$24.35	$24.35	$24.35	$24.35	$24.35
9.0%	$24.35	$24.35	$24.35	$24.35	$24.35
10.0%	$24.35	$24.35	$24.35	$24.35	$24.35
11.0%	$24.35	$24.35	$24.35	$24.35	$24.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.78

Book Value / share($)Yahoo: $85.08

Results

Graham Number$136.83

Current Price$156.04

Margin of Safety-12.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.05%

Terminal growth rate(%)

Computed WACC: 8.05%

Cost of equity (Re)8.39%(Rf 4.30% + β 0.74 × 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)95.97%

Debt weight (D/V)4.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$156.04

Implied Near-term FCF Growth—

Historical Revenue Growth12.9%

Historical Earnings Growth20.1%

Base FCF (TTM)—

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$156.04

Upside / Downside-83.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$520.25M

Results

Implied Equity Value / share$24.35

Current Price$156.04

Upside / Downside-84.4%

Implied EV$0

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