NWS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.41)
DCF	$163.61	+519.5%
Graham Number	$16.53	-37.4%
Reverse DCF	—	implied g: -20.0%
DDM	$4.12	-84.4%
EV/EBITDA	$84.21	+218.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.72B

Near-term growth (yrs 1–5)(%)Rev: 5.5% / EPS: -9.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.02%

Computed WACC: 8.02%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)83.34%

Debt weight (D/V)16.66%

Results

Intrinsic Value / share$194.35

Current Price$26.41

Upside / Downside+635.9%

Net Debt (used)$867.00M

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

WACC \ Near-term	-2.5%	1.5%	5.5%	9.5%	13.5%
7.0%	$165.84	$200.22	$240.20	$286.44	$339.68
8.0%	$135.33	$162.98	$195.09	$232.18	$274.82
9.0%	$114.20	$137.21	$163.88	$194.66	$230.00
10.0%	$98.69	$118.31	$141.01	$167.18	$197.20
11.0%	$86.82	$103.85	$123.54	$146.20	$172.16

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.77

Book Value / share($)Yahoo: $15.77

Results

Graham Number$16.53

Current Price$26.41

Margin of Safety-37.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.02%

Terminal growth rate(%)

Computed WACC: 8.02%

Cost of equity (Re)9.62%(Rf 4.30% + β 0.97 × 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)83.34%

Debt weight (D/V)16.66%

Results

Current Price$26.41

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth5.5%

Historical Earnings Growth-9.9%

Base FCF (TTM)$1.72B

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$26.41

Upside / Downside-84.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.19B

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $867.00M

Results

Implied Equity Value / share$84.21

Current Price$26.41

Upside / Downside+218.8%

Implied EV$16.41B

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

Mult \ Net Debt	-$1.13B	-$133.00M	$867.00M	$1.87B	$2.87B
9.8x	$69.32	$63.90	$58.48	$53.07	$47.65
11.8x	$82.18	$76.76	$71.35	$65.93	$60.51
13.8x	$95.04	$89.62	$84.21	$78.79	$73.37
15.8x	$107.90	$102.49	$97.07	$91.65	$86.23
17.8x	$120.76	$115.35	$109.93	$104.51	$99.09

← Overview Financial Statements ← Companies