ON — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($66.48)
DCF	$67.72	+1.9%
Graham Number	$11.23	-83.1%
Reverse DCF	—	implied g: 4.7%
DDM	—	—
EV/EBITDA	$66.53	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.56B

Near-term growth (yrs 1–5)(%)Rev: -11.2% / EPS: -48.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.34%

Computed WACC: 11.34%

Cost of equity (Re)12.71%(Rf 4.30% + β 1.53 × 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)89.16%

Debt weight (D/V)10.84%

Results

Intrinsic Value / share$49.12

Current Price$66.48

Upside / Downside-26.1%

Net Debt (used)$705.60M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$68.32	$82.50	$98.99	$118.08	$140.07
8.0%	$55.85	$67.26	$80.51	$95.83	$113.46
9.0%	$47.20	$56.70	$67.72	$80.45	$95.06
10.0%	$40.85	$48.96	$58.35	$69.17	$81.59
11.0%	$35.99	$43.04	$51.18	$60.56	$71.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.29

Book Value / share($)Yahoo: $19.34

Results

Graham Number$11.23

Current Price$66.48

Margin of Safety-83.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.34%

Terminal growth rate(%)

Computed WACC: 11.34%

Cost of equity (Re)12.71%(Rf 4.30% + β 1.53 × 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)89.16%

Debt weight (D/V)10.84%

Results

Current Price$66.48

Implied Near-term FCF Growth10.3%

Historical Revenue Growth-11.2%

Historical Earnings Growth-48.7%

Base FCF (TTM)$1.56B

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$66.48

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.76B

Target EV/EBITDA multipleCurrent: 15.3×

Net Debt($B)Default: $705.60M

Results

Implied Equity Value / share$66.53

Current Price$66.48

Upside / Downside+0.1%

Implied EV$26.92B

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

Mult \ Net Debt	-$1.29B	-$294.40M	$705.60M	$1.71B	$2.71B
11.3x	$53.78	$51.24	$48.71	$46.17	$43.63
13.3x	$62.69	$60.15	$57.62	$55.08	$52.54
15.3x	$71.60	$69.07	$66.53	$63.99	$61.45
17.3x	$80.51	$77.98	$75.44	$72.90	$70.36
19.3x	$89.42	$86.89	$84.35	$81.81	$79.27

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