NSA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($34.26)
DCF	$708.16	+1967.0%
Graham Number	$11.04	-67.8%
Reverse DCF	—	implied g: 12.5%
DDM	$46.97	+37.1%
EV/EBITDA	$46.39	+35.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $221.98M

Near-term growth (yrs 1–5)(%)Rev: 2.2% / EPS: 54.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.45%

Computed WACC: 6.45%

Cost of equity (Re)10.83%(Rf 4.30% + β 1.19 × 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)59.52%

Debt weight (D/V)40.48%

Results

Intrinsic Value / share$1363.26

Current Price$34.26

Upside / Downside+3879.2%

Net Debt (used)$3.40B

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

WACC \ Near-term	46.7%	50.7%	54.7%	58.7%	62.7%
7.0%	$879.91	$1011.26	$1157.21	$1318.96	$1497.74
8.0%	$675.67	$777.65	$890.95	$1016.48	$1155.23
9.0%	$536.43	$618.40	$709.45	$810.32	$921.78
10.0%	$436.04	$503.59	$578.61	$661.70	$753.50
11.0%	$360.67	$417.40	$480.39	$550.14	$627.19

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.69

Book Value / share($)Yahoo: $7.85

Results

Graham Number$11.04

Current Price$34.26

Margin of Safety-67.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.45%

Terminal growth rate(%)

Computed WACC: 6.45%

Cost of equity (Re)10.83%(Rf 4.30% + β 1.19 × 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)59.52%

Debt weight (D/V)40.48%

Results

Current Price$34.26

Implied Near-term FCF Growth4.0%

Historical Revenue Growth2.2%

Historical Earnings Growth54.7%

Base FCF (TTM)$221.98M

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: $2.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.97

Current Price$34.26

Upside / Downside+37.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $453.91M

Target EV/EBITDA multipleCurrent: 15.4×

Net Debt($B)Default: $3.40B

Results

Implied Equity Value / share$46.39

Current Price$34.26

Upside / Downside+35.4%

Implied EV$6.97B

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

Mult \ Net Debt	$1.40B	$2.40B	$3.40B	$4.40B	$5.40B
11.4x	$48.78	$35.79	$22.79	$9.80	$-3.19
13.4x	$60.58	$47.58	$34.59	$21.60	$8.60
15.4x	$72.37	$59.38	$46.39	$33.39	$20.40
17.4x	$84.17	$71.18	$58.18	$45.19	$32.19
19.4x	$95.97	$82.97	$69.98	$56.98	$43.99

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