OGS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($87.37)
DCF	$-128.95	-247.6%
Graham Number	$73.45	-15.9%
Reverse DCF	—	—
DDM	$56.03	-35.9%
EV/EBITDA	$87.37	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$208.68M

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: 6.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.11%

Computed WACC: 7.11%

Cost of equity (Re)8.75%(Rf 4.30% + β 0.81 × ERP 5.50%)

Cost of debt (Rd)5.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.80%

Debt weight (D/V)38.20%

Results

Intrinsic Value / share$-161.79

Current Price$87.37

Upside / Downside-285.2%

Net Debt (used)$3.37B

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$-131.56	$-146.85	$-164.55	$-184.93	$-208.30
8.0%	$-117.17	$-129.41	$-143.56	$-159.84	$-178.49
9.0%	$-107.23	$-117.37	$-129.08	$-142.53	$-157.93
10.0%	$-99.96	$-108.56	$-118.49	$-129.88	$-142.91
11.0%	$-94.40	$-101.84	$-110.41	$-120.24	$-131.47

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.37

Book Value / share($)Yahoo: $54.87

Results

Graham Number$73.45

Current Price$87.37

Margin of Safety-15.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.11%

Terminal growth rate(%)

Computed WACC: 7.11%

Cost of equity (Re)8.75%(Rf 4.30% + β 0.81 × ERP 5.50%)

Cost of debt (Rd)5.66%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)61.80%

Debt weight (D/V)38.20%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$87.37

Implied Near-term FCF Growth—

Historical Revenue Growth9.3%

Historical Earnings Growth6.0%

Base FCF (TTM)-$208.68M

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: $2.72

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$56.03

Current Price$87.37

Upside / Downside-35.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $775.96M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $3.37B

Results

Implied Equity Value / share$87.37

Current Price$87.37

Upside / Downside+0.0%

Implied EV$8.85B

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

Mult \ Net Debt	$1.37B	$2.37B	$3.37B	$4.37B	$5.37B
7.4x	$69.77	$53.82	$37.86	$21.91	$5.96
9.4x	$94.52	$78.57	$62.62	$46.67	$30.72
11.4x	$119.28	$103.32	$87.37	$71.42	$55.47
13.4x	$144.03	$128.08	$112.13	$96.18	$80.23
15.4x	$168.78	$152.83	$136.88	$120.93	$104.98

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