NMRK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.18)
DCF	$33378.84	+235293.8%
Graham Number	$11.15	-21.4%
Reverse DCF	—	implied g: -7.4%
DDM	$2.47	-82.6%
EV/EBITDA	$16.06	+13.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $476.36M

Near-term growth (yrs 1–5)(%)Rev: 15.3% / EPS: 146.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.29%

Computed WACC: 9.29%

Cost of equity (Re)14.48%(Rf 4.30% + β 1.85 × 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)64.14%

Debt weight (D/V)35.86%

Results

Intrinsic Value / share$31372.34

Current Price$14.18

Upside / Downside+221143.6%

Net Debt (used)$1.77B

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

WACC \ Near-term	138.9%	142.9%	146.9%	150.9%	154.9%
7.0%	$47020.71	$51088.39	$55432.84	$60067.95	$65008.06
8.0%	$35888.66	$38992.76	$42308.03	$45845.07	$49614.82
9.0%	$28354.36	$30806.33	$33425.08	$36218.96	$39196.63
10.0%	$22965.42	$24950.97	$27071.55	$29333.92	$31745.08
11.0%	$18954.06	$20592.45	$22342.23	$24208.98	$26198.49

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.57

Book Value / share($)Yahoo: $9.70

Results

Graham Number$11.15

Current Price$14.18

Margin of Safety-21.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.29%

Terminal growth rate(%)

Computed WACC: 9.29%

Cost of equity (Re)14.48%(Rf 4.30% + β 1.85 × 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)64.14%

Debt weight (D/V)35.86%

Results

Current Price$14.18

Implied Near-term FCF Growth-6.7%

Historical Revenue Growth15.3%

Historical Earnings Growth146.9%

Base FCF (TTM)$476.36M

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: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$14.18

Upside / Downside-82.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $429.50M

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $1.77B

Results

Implied Equity Value / share$16.06

Current Price$14.18

Upside / Downside+13.3%

Implied EV$4.33B

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

Mult \ Net Debt	$1.77B	$1.77B	$1.77B	$1.77B	$1.77B
6.1x	$5.29	$5.29	$5.29	$5.29	$5.29
8.1x	$10.68	$10.68	$10.68	$10.68	$10.68
10.1x	$16.06	$16.06	$16.06	$16.06	$16.06
12.1x	$21.45	$21.45	$21.45	$21.45	$21.45
14.1x	$26.84	$26.84	$26.84	$26.84	$26.84

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