NPO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($264.05)
DCF	$129.80	-50.8%
Graham Number	$55.97	-78.8%
Reverse DCF	—	implied g: 25.2%
DDM	$25.75	-90.2%
EV/EBITDA	$261.89	-0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $111.58M

Near-term growth (yrs 1–5)(%)Rev: 14.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.42%

Computed WACC: 11.42%

Cost of equity (Re)12.89%(Rf 4.30% + β 1.56 × 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)88.61%

Debt weight (D/V)11.39%

Results

Intrinsic Value / share$82.60

Current Price$264.05

Upside / Downside-68.7%

Net Debt (used)$606.70M

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

WACC \ Near-term	6.3%	10.3%	14.3%	18.3%	22.3%
7.0%	$138.96	$170.76	$207.36	$249.30	$297.14
8.0%	$106.83	$132.16	$161.28	$194.61	$232.61
9.0%	$84.69	$105.56	$129.53	$156.95	$188.19
10.0%	$68.52	$86.15	$106.38	$129.50	$155.81
11.0%	$56.22	$71.39	$88.78	$108.64	$131.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.90

Book Value / share($)Yahoo: $73.29

Results

Graham Number$55.97

Current Price$264.05

Margin of Safety-78.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.42%

Terminal growth rate(%)

Computed WACC: 11.42%

Cost of equity (Re)12.89%(Rf 4.30% + β 1.56 × 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)88.61%

Debt weight (D/V)11.39%

Results

Current Price$264.05

Implied Near-term FCF Growth32.4%

Historical Revenue Growth14.3%

Historical Earnings Growth—

Base FCF (TTM)$111.58M

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: $1.25

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.75

Current Price$264.05

Upside / Downside-90.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $275.00M

Target EV/EBITDA multipleCurrent: 22.4×

Net Debt($B)Default: $606.70M

Results

Implied Equity Value / share$261.89

Current Price$264.05

Upside / Downside-0.8%

Implied EV$6.17B

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

Mult \ Net Debt	-$1.39B	-$393.30M	$606.70M	$1.61B	$2.61B
18.4x	$304.24	$257.18	$210.12	$163.05	$115.99
20.4x	$330.13	$283.07	$236.00	$188.94	$141.88
22.4x	$356.01	$308.95	$261.89	$214.82	$167.76
24.4x	$381.90	$334.84	$287.77	$240.71	$193.65
26.4x	$407.78	$360.72	$313.66	$266.59	$219.53

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