NYT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($81.11)
DCF	$70.49	-13.1%
Graham Number	$24.36	-70.0%
Reverse DCF	—	implied g: 13.0%
DDM	$18.95	-76.6%
EV/EBITDA	$80.26	-1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $445.93M

Near-term growth (yrs 1–5)(%)Rev: 10.5% / EPS: 5.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.35%

Computed WACC: 10.35%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × 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)99.63%

Debt weight (D/V)0.37%

Results

Intrinsic Value / share$58.34

Current Price$81.11

Upside / Downside-28.1%

Net Debt (used)-$593.44M

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

WACC \ Near-term	2.5%	6.5%	10.5%	14.5%	18.5%
7.0%	$73.25	$86.82	$102.50	$120.55	$141.21
8.0%	$60.26	$71.10	$83.63	$98.02	$114.49
9.0%	$51.28	$60.25	$70.60	$82.48	$96.06
10.0%	$44.72	$52.32	$61.09	$71.14	$82.61
11.0%	$39.71	$46.28	$53.84	$62.50	$72.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.09

Book Value / share($)Yahoo: $12.61

Results

Graham Number$24.36

Current Price$81.11

Margin of Safety-70.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.35%

Terminal growth rate(%)

Computed WACC: 10.35%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × 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)99.63%

Debt weight (D/V)0.37%

Results

Current Price$81.11

Implied Near-term FCF Growth16.8%

Historical Revenue Growth10.5%

Historical Earnings Growth5.7%

Base FCF (TTM)$445.93M

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: $0.92

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.95

Current Price$81.11

Upside / Downside-76.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $517.93M

Target EV/EBITDA multipleCurrent: 23.9×

Net Debt($B)Default: -$593.44M

Results

Implied Equity Value / share$80.26

Current Price$81.11

Upside / Downside-1.1%

Implied EV$12.37B

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

Mult \ Net Debt	-$2.59B	-$1.59B	-$593.44M	$406.56M	$1.41B
19.9x	$79.81	$73.62	$67.43	$61.24	$55.05
21.9x	$86.22	$80.03	$73.84	$67.66	$61.47
23.9x	$92.63	$86.45	$80.26	$74.07	$67.88
25.9x	$99.05	$92.86	$86.67	$80.48	$74.29
27.9x	$105.46	$99.27	$93.08	$86.89	$80.70

← Overview Financial Statements ← Companies