ORI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($42.13)
DCF	$-61775.79	-146731.4%
Graham Number	$45.08	+7.0%
Reverse DCF	—	—
DDM	$25.96	-38.4%
EV/EBITDA	$42.48	+0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$9.26B

Near-term growth (yrs 1–5)(%)Rev: 19.3% / EPS: 95.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.64%

Computed WACC: 7.64%

Cost of equity (Re)8.41%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)3.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.40%

Debt weight (D/V)14.60%

Results

Intrinsic Value / share$-85076.01

Current Price$42.13

Upside / Downside-202036.9%

Net Debt (used)-$94.40M

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

WACC \ Near-term	87.7%	91.7%	95.7%	99.7%	103.7%
7.0%	$-82149.51	$-91252.61	$-101146.30	$-111881.02	$-123509.33
8.0%	$-63159.28	$-70151.57	$-77750.78	$-85995.61	$-94926.39
9.0%	$-50271.02	$-55830.97	$-61873.20	$-68428.48	$-75528.83
10.0%	$-41024.55	$-45557.06	$-50482.48	$-55825.85	$-61613.25
11.0%	$-34119.06	$-37884.42	$-41975.95	$-46414.44	$-51221.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.72

Book Value / share($)Yahoo: $24.28

Results

Graham Number$45.08

Current Price$42.13

Margin of Safety+7.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.64%

Terminal growth rate(%)

Computed WACC: 7.64%

Cost of equity (Re)8.41%(Rf 4.30% + β 0.75 × ERP 5.50%)

Cost of debt (Rd)3.96%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)85.40%

Debt weight (D/V)14.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$42.13

Implied Near-term FCF Growth—

Historical Revenue Growth19.3%

Historical Earnings Growth95.7%

Base FCF (TTM)-$9.26B

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: $1.26

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$25.96

Current Price$42.13

Upside / Downside-38.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.29B

Target EV/EBITDA multipleCurrent: 8.1×

Net Debt($B)Default: -$94.40M

Results

Implied Equity Value / share$42.48

Current Price$42.13

Upside / Downside+0.8%

Implied EV$10.39B

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

Mult \ Net Debt	-$2.09B	-$1.09B	-$94.40M	$905.60M	$1.91B
4.1x	$29.68	$25.63	$21.57	$17.52	$13.47
6.1x	$40.14	$36.08	$32.03	$27.98	$23.92
8.1x	$50.59	$46.54	$42.48	$38.43	$34.38
10.1x	$61.04	$56.99	$52.94	$48.89	$44.83
12.1x	$71.50	$67.45	$63.39	$59.34	$55.29

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