NOW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($108.01)
DCF	$209.26	+93.7%
Graham Number	$21.57	-80.0%
Reverse DCF	—	implied g: 8.9%
DDM	—	—
EV/EBITDA	$108.01	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.95B

Near-term growth (yrs 1–5)(%)Rev: 20.7% / EPS: 3.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.48%

Computed WACC: 9.48%

Cost of equity (Re)9.68%(Rf 4.30% + β 0.98 × 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)97.94%

Debt weight (D/V)2.06%

Results

Intrinsic Value / share$192.69

Current Price$108.01

Upside / Downside+78.4%

Net Debt (used)-$3.88B

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

WACC \ Near-term	12.7%	16.7%	20.7%	24.7%	28.7%
7.0%	$227.78	$268.40	$314.83	$367.69	$427.63
8.0%	$183.16	$215.31	$252.04	$293.83	$341.19
9.0%	$152.48	$178.83	$208.90	$243.10	$281.82
10.0%	$130.16	$152.29	$177.53	$206.21	$238.67
11.0%	$113.22	$132.16	$153.75	$178.26	$205.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.67

Book Value / share($)Yahoo: $12.38

Results

Graham Number$21.57

Current Price$108.01

Margin of Safety-80.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.48%

Terminal growth rate(%)

Computed WACC: 9.48%

Cost of equity (Re)9.68%(Rf 4.30% + β 0.98 × 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)97.94%

Debt weight (D/V)2.06%

Results

Current Price$108.01

Implied Near-term FCF Growth10.2%

Historical Revenue Growth20.7%

Historical Earnings Growth3.4%

Base FCF (TTM)$4.95B

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$108.01

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.74B

Target EV/EBITDA multipleCurrent: 39.8×

Net Debt($B)Default: -$3.88B

Results

Implied Equity Value / share$108.01

Current Price$108.01

Upside / Downside+0.0%

Implied EV$109.10B

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

Mult \ Net Debt	-$5.88B	-$4.88B	-$3.88B	-$2.88B	-$1.88B
35.8x	$99.45	$98.50	$97.54	$96.58	$95.63
37.8x	$104.69	$103.73	$102.78	$101.82	$100.86
39.8x	$109.92	$108.97	$108.01	$107.05	$106.10
41.8x	$115.16	$114.20	$113.25	$112.29	$111.33
43.8x	$120.39	$119.44	$118.48	$117.53	$116.57

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