NXST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($247.24)
DCF	$336.34	+36.0%
Graham Number	$156.58	-36.7%
Reverse DCF	—	implied g: 2.0%
DDM	$153.26	-38.0%
EV/EBITDA	$247.21	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $941.88M

Near-term growth (yrs 1–5)(%)Rev: -13.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.58%

Computed WACC: 4.58%

Cost of equity (Re)8.62%(Rf 4.30% + β 0.79 × 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)53.12%

Debt weight (D/V)46.88%

Results

Intrinsic Value / share$1509.73

Current Price$247.24

Upside / Downside+510.6%

Net Debt (used)$6.34B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$341.02	$452.23	$581.61	$731.36	$903.83
8.0%	$243.16	$332.68	$436.66	$556.84	$695.10
9.0%	$175.35	$249.89	$336.34	$436.13	$550.79
10.0%	$125.57	$189.16	$262.80	$347.69	$445.13
11.0%	$87.46	$142.70	$206.59	$280.15	$364.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $16.01

Book Value / share($)Yahoo: $68.06

Results

Graham Number$156.58

Current Price$247.24

Margin of Safety-36.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.58%

Terminal growth rate(%)

Computed WACC: 4.58%

Cost of equity (Re)8.62%(Rf 4.30% + β 0.79 × 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)53.12%

Debt weight (D/V)46.88%

Results

Current Price$247.24

Implied Near-term FCF Growth-13.9%

Historical Revenue Growth-13.3%

Historical Earnings Growth—

Base FCF (TTM)$941.88M

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: $7.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$153.26

Current Price$247.24

Upside / Downside-38.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.36B

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $6.34B

Results

Implied Equity Value / share$247.21

Current Price$247.24

Upside / Downside-0.0%

Implied EV$13.83B

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

Mult \ Net Debt	$2.34B	$4.34B	$6.34B	$8.34B	$10.34B
6.1x	$199.07	$133.12	$67.17	$1.22	$-64.73
8.1x	$289.09	$223.14	$157.19	$91.24	$25.29
10.1x	$379.11	$313.16	$247.21	$181.26	$115.31
12.1x	$469.13	$403.18	$337.23	$271.28	$205.33
14.1x	$559.15	$493.20	$427.25	$361.30	$295.35

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