NTAP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.15)
DCF	$188.75	+88.5%
Graham Number	$27.48	-72.6%
Reverse DCF	—	implied g: 5.0%
DDM	$42.85	-57.2%
EV/EBITDA	$99.78	-0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.12B

Near-term growth (yrs 1–5)(%)Rev: 4.4% / EPS: 16.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.31%

Computed WACC: 10.31%

Cost of equity (Re)11.72%(Rf 4.30% + β 1.35 × 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)87.97%

Debt weight (D/V)12.03%

Results

Intrinsic Value / share$153.82

Current Price$100.15

Upside / Downside+53.6%

Net Debt (used)-$281.00M

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

WACC \ Near-term	8.0%	12.0%	16.0%	20.0%	24.0%
7.0%	$201.60	$239.15	$282.29	$331.63	$387.83
8.0%	$162.77	$192.62	$226.89	$266.04	$310.61
9.0%	$136.03	$160.59	$188.75	$220.91	$257.48
10.0%	$116.52	$137.23	$160.96	$188.03	$218.80
11.0%	$101.70	$119.49	$139.86	$163.07	$189.44

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.74

Book Value / share($)Yahoo: $5.85

Results

Graham Number$27.48

Current Price$100.15

Margin of Safety-72.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.31%

Terminal growth rate(%)

Computed WACC: 10.31%

Cost of equity (Re)11.72%(Rf 4.30% + β 1.35 × 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)87.97%

Debt weight (D/V)12.03%

Results

Current Price$100.15

Implied Near-term FCF Growth8.3%

Historical Revenue Growth4.4%

Historical Earnings Growth16.0%

Base FCF (TTM)$1.12B

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: $2.08

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$42.85

Current Price$100.15

Upside / Downside-57.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.75B

Target EV/EBITDA multipleCurrent: 11.1×

Net Debt($B)Default: -$281.00M

Results

Implied Equity Value / share$99.78

Current Price$100.15

Upside / Downside-0.4%

Implied EV$19.48B

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

Mult \ Net Debt	-$2.28B	-$1.28B	-$281.00M	$719.00M	$1.72B
7.1x	$74.52	$69.47	$64.42	$59.37	$54.32
9.1x	$92.20	$87.15	$82.10	$77.05	$72.00
11.1x	$109.88	$104.83	$99.78	$94.73	$89.68
13.1x	$127.56	$122.51	$117.46	$112.41	$107.36
15.1x	$145.24	$140.19	$135.14	$130.09	$125.05

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