ONC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($314.36)
DCF	$638.19	+103.0%
Graham Number	$21.66	-93.1%
Reverse DCF	—	implied g: 18.9%
DDM	—	—
EV/EBITDA	$4453.39	+1316.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $727.12M

Near-term growth (yrs 1–5)(%)Rev: 32.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.17%

Computed WACC: 7.17%

Cost of equity (Re)7.14%(Rf 4.30% + β 0.52 × ERP 5.50%)

Cost of debt (Rd)9.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.95%

Debt weight (D/V)3.05%

Results

Intrinsic Value / share$931.87

Current Price$314.36

Upside / Downside+196.4%

Net Debt (used)-$3.45B

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

WACC \ Near-term	24.8%	28.8%	32.8%	36.8%	40.8%
7.0%	$726.86	$841.78	$971.66	$1117.93	$1282.10
8.0%	$581.66	$671.84	$773.71	$888.39	$1017.06
9.0%	$482.22	$555.47	$638.19	$731.27	$835.66
10.0%	$410.16	$471.17	$540.02	$617.47	$704.30
11.0%	$355.76	$407.53	$465.94	$531.61	$605.20

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.53

Book Value / share($)Yahoo: $39.34

Results

Graham Number$21.66

Current Price$314.36

Margin of Safety-93.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.17%

Terminal growth rate(%)

Computed WACC: 7.17%

Cost of equity (Re)7.14%(Rf 4.30% + β 0.52 × ERP 5.50%)

Cost of debt (Rd)9.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)96.95%

Debt weight (D/V)3.05%

Results

Current Price$314.36

Implied Near-term FCF Growth12.7%

Historical Revenue Growth32.8%

Historical Earnings Growth—

Base FCF (TTM)$727.12M

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$314.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $578.82M

Target EV/EBITDA multipleCurrent: 777.3×

Net Debt($B)Default: -$3.45B

Results

Implied Equity Value / share$4453.39

Current Price$314.36

Upside / Downside+1316.7%

Implied EV$449.93B

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

Mult \ Net Debt	-$5.45B	-$4.45B	-$3.45B	-$2.45B	-$1.45B
773.3x	$4450.30	$4440.47	$4430.65	$4420.83	$4411.01
775.3x	$4461.67	$4451.84	$4442.02	$4432.20	$4422.38
777.3x	$4473.04	$4463.22	$4453.39	$4443.57	$4433.75
779.3x	$4484.41	$4474.59	$4464.76	$4454.94	$4445.12
781.3x	$4495.78	$4485.96	$4476.13	$4466.31	$4456.49

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