ONTO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($218.05)
DCF	$96.47	-55.8%
Graham Number	$58.35	-73.2%
Reverse DCF	—	implied g: 20.5%
DDM	—	—
EV/EBITDA	$218.27	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $237.39M

Near-term growth (yrs 1–5)(%)Rev: 1.1% / EPS: -78.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.42%

Computed WACC: 12.42%

Cost of equity (Re)12.44%(Rf 4.30% + β 1.48 × 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)99.84%

Debt weight (D/V)0.16%

Results

Intrinsic Value / share$67.21

Current Price$218.05

Upside / Downside-69.2%

Net Debt (used)-$622.15M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$97.19	$114.31	$134.22	$157.27	$183.82
8.0%	$82.12	$95.90	$111.91	$130.41	$151.69
9.0%	$71.68	$83.16	$96.47	$111.83	$129.48
10.0%	$64.02	$73.81	$85.15	$98.21	$113.21
11.0%	$58.16	$66.66	$76.49	$87.82	$100.80

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.58

Book Value / share($)Yahoo: $42.27

Results

Graham Number$58.35

Current Price$218.05

Margin of Safety-73.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.42%

Terminal growth rate(%)

Computed WACC: 12.42%

Cost of equity (Re)12.44%(Rf 4.30% + β 1.48 × 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)99.84%

Debt weight (D/V)0.16%

Results

Current Price$218.05

Implied Near-term FCF Growth30.0%

Historical Revenue Growth1.1%

Historical Earnings Growth-78.2%

Base FCF (TTM)$237.39M

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$218.05

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $273.26M

Target EV/EBITDA multipleCurrent: 37.4×

Net Debt($B)Default: -$622.15M

Results

Implied Equity Value / share$218.27

Current Price$218.05

Upside / Downside+0.1%

Implied EV$10.22B

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

Mult \ Net Debt	-$2.62B	-$1.62B	-$622.15M	$377.85M	$1.38B
33.4x	$236.53	$216.39	$196.25	$176.11	$155.97
35.4x	$247.54	$227.40	$207.26	$187.12	$166.98
37.4x	$258.54	$238.41	$218.27	$198.13	$177.99
39.4x	$269.55	$249.41	$229.27	$209.13	$188.99
41.4x	$280.56	$260.42	$240.28	$220.14	$200.00

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