NUE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($175.39)
DCF	$-379.91	-316.6%
Graham Number	$124.48	-29.0%
Reverse DCF	—	—
DDM	$46.14	-73.7%
EV/EBITDA	$184.90	+5.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$903.37M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: 34.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.21%

Computed WACC: 12.21%

Cost of equity (Re)14.02%(Rf 4.30% + β 1.77 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.70%

Debt weight (D/V)15.30%

Results

Intrinsic Value / share$-235.91

Current Price$175.39

Upside / Downside-234.5%

Net Debt (used)$4.55B

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

WACC \ Near-term	26.2%	30.2%	34.2%	38.2%	42.2%
7.0%	$-434.82	$-502.94	$-579.83	$-666.33	$-763.29
8.0%	$-347.47	$-400.88	$-461.14	$-528.90	$-604.84
9.0%	$-287.67	$-331.02	$-379.91	$-434.86	$-496.43
10.0%	$-244.36	$-280.43	$-321.09	$-366.78	$-417.95
11.0%	$-211.67	$-242.26	$-276.72	$-315.43	$-358.77

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.51

Book Value / share($)Yahoo: $91.70

Results

Graham Number$124.48

Current Price$175.39

Margin of Safety-29.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.21%

Terminal growth rate(%)

Computed WACC: 12.21%

Cost of equity (Re)14.02%(Rf 4.30% + β 1.77 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.70%

Debt weight (D/V)15.30%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$175.39

Implied Near-term FCF Growth—

Historical Revenue Growth8.6%

Historical Earnings Growth34.2%

Base FCF (TTM)-$903.37M

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: $2.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.14

Current Price$175.39

Upside / Downside-73.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.14B

Target EV/EBITDA multipleCurrent: 11.3×

Net Debt($B)Default: $4.55B

Results

Implied Equity Value / share$184.90

Current Price$175.39

Upside / Downside+5.4%

Implied EV$46.87B

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

Mult \ Net Debt	$2.55B	$3.55B	$4.55B	$5.55B	$6.55B
7.3x	$121.30	$116.93	$112.56	$108.19	$103.82
9.3x	$157.47	$153.10	$148.73	$144.36	$139.99
11.3x	$193.64	$189.27	$184.90	$180.53	$176.16
13.3x	$229.81	$225.44	$221.07	$216.70	$212.33
15.3x	$265.98	$261.61	$257.24	$252.87	$248.50

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