NVR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($7415.75)
DCF	$7586.06	+2.3%
Graham Number	$3683.52	-50.3%
Reverse DCF	—	implied g: 4.6%
DDM	—	—
EV/EBITDA	$7415.56	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.16B

Near-term growth (yrs 1–5)(%)Rev: -5.0% / EPS: -13.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.50%

Computed WACC: 9.50%

Cost of equity (Re)10.00%(Rf 4.30% + β 1.04 × 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)95.06%

Debt weight (D/V)4.94%

Results

Intrinsic Value / share$7058.32

Current Price$7415.75

Upside / Downside-4.8%

Net Debt (used)-$788.48M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7648.81	$9138.50	$10871.57	$12877.41	$15187.69
8.0%	$6338.02	$7537.04	$8929.84	$10539.69	$12391.68
9.0%	$5429.69	$6428.07	$7586.06	$8922.74	$10458.66
10.0%	$4762.88	$5614.61	$6601.04	$7738.19	$9043.31
11.0%	$4252.37	$4992.36	$5848.14	$6833.38	$7962.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $436.79

Book Value / share($)Yahoo: $1380.61

Results

Graham Number$3683.52

Current Price$7415.75

Margin of Safety-50.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.50%

Terminal growth rate(%)

Computed WACC: 9.50%

Cost of equity (Re)10.00%(Rf 4.30% + β 1.04 × 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)95.06%

Debt weight (D/V)4.94%

Results

Current Price$7415.75

Implied Near-term FCF Growth5.9%

Historical Revenue Growth-5.0%

Historical Earnings Growth-13.1%

Base FCF (TTM)$1.16B

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$7415.75

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.81B

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: -$788.48M

Results

Implied Equity Value / share$7415.56

Current Price$7415.75

Upside / Downside-0.0%

Implied EV$19.93B

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

Mult \ Net Debt	-$2.79B	-$1.79B	-$788.48M	$211.52M	$1.21B
7.0x	$5534.20	$5176.26	$4818.32	$4460.38	$4102.44
9.0x	$6832.82	$6474.88	$6116.94	$5759.00	$5401.06
11.0x	$8131.44	$7773.50	$7415.56	$7057.62	$6699.68
13.0x	$9430.07	$9072.13	$8714.18	$8356.24	$7998.30
15.0x	$10728.69	$10370.75	$10012.81	$9654.87	$9296.93

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