OGE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($49.25)
DCF	$-32.71	-166.4%
Graham Number	$35.51	-27.9%
Reverse DCF	—	—
DDM	$35.02	-28.9%
EV/EBITDA	$49.25	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$60.16M

Near-term growth (yrs 1–5)(%)Rev: -4.6% / EPS: -33.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.42%

Computed WACC: 6.42%

Cost of equity (Re)7.72%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)5.19%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.10%

Debt weight (D/V)35.90%

Results

Intrinsic Value / share$-36.12

Current Price$49.25

Upside / Downside-173.3%

Net Debt (used)$5.69B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-32.75	$-33.80	$-35.01	$-36.42	$-38.04
8.0%	$-31.83	$-32.67	$-33.65	$-34.78	$-36.08
9.0%	$-31.20	$-31.90	$-32.71	$-33.65	$-34.72
10.0%	$-30.73	$-31.33	$-32.02	$-32.82	$-33.73
11.0%	$-30.37	$-30.89	$-31.49	$-32.18	$-32.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.32

Book Value / share($)Yahoo: $24.15

Results

Graham Number$35.51

Current Price$49.25

Margin of Safety-27.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.42%

Terminal growth rate(%)

Computed WACC: 6.42%

Cost of equity (Re)7.72%(Rf 4.30% + β 0.62 × ERP 5.50%)

Cost of debt (Rd)5.19%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.10%

Debt weight (D/V)35.90%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$49.25

Implied Near-term FCF Growth—

Historical Revenue Growth-4.6%

Historical Earnings Growth-33.5%

Base FCF (TTM)-$60.16M

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: $1.70

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$35.02

Current Price$49.25

Upside / Downside-28.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.30B

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: $5.69B

Results

Implied Equity Value / share$49.25

Current Price$49.25

Upside / Downside+0.0%

Implied EV$15.85B

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

Mult \ Net Debt	$3.69B	$4.69B	$5.69B	$6.69B	$7.69B
8.2x	$33.66	$28.82	$23.97	$19.12	$14.27
10.2x	$46.31	$41.46	$36.61	$31.76	$26.91
12.2x	$58.95	$54.10	$49.25	$44.40	$39.56
14.2x	$71.59	$66.74	$61.89	$57.05	$52.20
16.2x	$84.23	$79.39	$74.54	$69.69	$64.84

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