NTRS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($145.23)
DCF	$-39.01	-126.9%
Graham Number	$112.88	-22.3%
Reverse DCF	—	—
DDM	$64.89	-55.3%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 8.2% / EPS: 7.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.79%

Computed WACC: 6.79%

Cost of equity (Re)11.32%(Rf 4.30% + β 1.28 × 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)60.03%

Debt weight (D/V)39.97%

Results

Intrinsic Value / share$-39.01

Current Price$145.23

Upside / Downside-126.9%

Net Debt (used)$7.27B

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

WACC \ Near-term	0.2%	4.2%	8.2%	12.2%	16.2%
7.0%	$-39.01	$-39.01	$-39.01	$-39.01	$-39.01
8.0%	$-39.01	$-39.01	$-39.01	$-39.01	$-39.01
9.0%	$-39.01	$-39.01	$-39.01	$-39.01	$-39.01
10.0%	$-39.01	$-39.01	$-39.01	$-39.01	$-39.01
11.0%	$-39.01	$-39.01	$-39.01	$-39.01	$-39.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.74

Book Value / share($)Yahoo: $64.79

Results

Graham Number$112.88

Current Price$145.23

Margin of Safety-22.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.79%

Terminal growth rate(%)

Computed WACC: 6.79%

Cost of equity (Re)11.32%(Rf 4.30% + β 1.28 × 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)60.03%

Debt weight (D/V)39.97%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$145.23

Implied Near-term FCF Growth—

Historical Revenue Growth8.2%

Historical Earnings Growth7.6%

Base FCF (TTM)—

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: $3.15

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$64.89

Current Price$145.23

Upside / Downside-55.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $7.27B

Results

Implied Equity Value / share$-39.01

Current Price$145.23

Upside / Downside-126.9%

Implied EV$0

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