NNN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.23)
DCF	$-188.14	-515.9%
Graham Number	$32.88	-27.3%
Reverse DCF	—	—
DDM	$49.44	+9.3%
EV/EBITDA	$45.83	+1.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$1.39B

Near-term growth (yrs 1–5)(%)Rev: 9.1% / EPS: -2.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.65%

Computed WACC: 5.65%

Cost of equity (Re)8.82%(Rf 4.30% + β 0.82 × 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)64.06%

Debt weight (D/V)35.94%

Results

Intrinsic Value / share$-370.90

Current Price$45.23

Upside / Downside-919.9%

Net Debt (used)$4.82B

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

WACC \ Near-term	1.1%	5.1%	9.1%	13.1%	17.1%
7.0%	$-193.00	$-225.99	$-264.19	$-308.21	$-358.68
8.0%	$-162.06	$-188.49	$-219.04	$-254.21	$-294.50
9.0%	$-140.68	$-162.58	$-187.87	$-216.94	$-250.21
10.0%	$-125.03	$-143.62	$-165.07	$-189.70	$-217.86
11.0%	$-113.08	$-129.16	$-147.69	$-168.94	$-193.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.07

Book Value / share($)Yahoo: $23.21

Results

Graham Number$32.88

Current Price$45.23

Margin of Safety-27.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.65%

Terminal growth rate(%)

Computed WACC: 5.65%

Cost of equity (Re)8.82%(Rf 4.30% + β 0.82 × 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)64.06%

Debt weight (D/V)35.94%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$45.23

Implied Near-term FCF Growth—

Historical Revenue Growth9.1%

Historical Earnings Growth-2.2%

Base FCF (TTM)-$1.39B

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: $2.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$49.44

Current Price$45.23

Upside / Downside+9.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $837.57M

Target EV/EBITDA multipleCurrent: 16.1×

Net Debt($B)Default: $4.82B

Results

Implied Equity Value / share$45.83

Current Price$45.23

Upside / Downside+1.3%

Implied EV$13.52B

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

Mult \ Net Debt	$2.82B	$3.82B	$4.82B	$5.82B	$6.82B
12.1x	$38.72	$33.45	$28.19	$22.92	$17.66
14.1x	$47.54	$42.27	$37.01	$31.74	$26.48
16.1x	$56.36	$51.09	$45.83	$40.56	$35.30
18.1x	$65.18	$59.91	$54.65	$49.38	$44.12
20.1x	$74.00	$68.73	$63.47	$58.20	$52.94

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