NXT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($103.72)
DCF	$280.66	+170.6%
Graham Number	$35.75	-65.5%
Reverse DCF	—	implied g: 15.3%
DDM	—	—
EV/EBITDA	$103.72	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $454.17M

Near-term growth (yrs 1–5)(%)Rev: 33.9% / EPS: 7.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 17.24%

Computed WACC: 17.24%

Cost of equity (Re)17.29%(Rf 4.30% + β 2.36 × 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)99.71%

Debt weight (D/V)0.29%

Results

Intrinsic Value / share$99.75

Current Price$103.72

Upside / Downside-3.8%

Net Debt (used)-$907.82M

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

WACC \ Near-term	25.9%	29.9%	33.9%	37.9%	41.9%
7.0%	$322.79	$374.89	$433.72	$499.91	$574.13
8.0%	$256.17	$297.03	$343.14	$395.00	$453.14
9.0%	$210.56	$243.73	$281.14	$323.21	$370.34
10.0%	$177.53	$205.13	$236.25	$271.23	$310.41
11.0%	$152.60	$176.00	$202.39	$232.02	$265.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.92

Book Value / share($)Yahoo: $14.49

Results

Graham Number$35.75

Current Price$103.72

Margin of Safety-65.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 17.24%

Terminal growth rate(%)

Computed WACC: 17.24%

Cost of equity (Re)17.29%(Rf 4.30% + β 2.36 × 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)99.71%

Debt weight (D/V)0.29%

Results

Current Price$103.72

Implied Near-term FCF Growth34.8%

Historical Revenue Growth33.9%

Historical Earnings Growth7.9%

Base FCF (TTM)$454.17M

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$103.72

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $765.04M

Target EV/EBITDA multipleCurrent: 18.9×

Net Debt($B)Default: -$907.82M

Results

Implied Equity Value / share$103.72

Current Price$103.72

Upside / Downside+0.0%

Implied EV$14.49B

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

Mult \ Net Debt	-$2.91B	-$1.91B	-$907.82M	$92.18M	$1.09B
14.9x	$96.58	$89.85	$83.11	$76.37	$69.64
16.9x	$106.89	$100.15	$93.42	$86.68	$79.94
18.9x	$117.19	$110.46	$103.72	$96.99	$90.25
20.9x	$127.50	$120.76	$114.03	$107.29	$100.56
22.9x	$137.80	$131.07	$124.33	$117.60	$110.86

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