OSK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($172.14)
DCF	$54.05	-68.6%
Graham Number	$127.75	-25.8%
Reverse DCF	—	implied g: 22.4%
DDM	$46.97	-72.7%
EV/EBITDA	$172.14	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $243.72M

Near-term growth (yrs 1–5)(%)Rev: 3.5% / EPS: -10.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.66%

Computed WACC: 11.66%

Cost of equity (Re)11.75%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)13.84%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.77%

Debt weight (D/V)11.23%

Results

Intrinsic Value / share$33.96

Current Price$172.14

Upside / Downside-80.3%

Net Debt (used)$898.20M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$54.64	$68.59	$84.82	$103.61	$125.25
8.0%	$42.36	$53.59	$66.64	$81.71	$99.06
9.0%	$33.85	$43.20	$54.05	$66.57	$80.95
10.0%	$27.61	$35.58	$44.82	$55.47	$67.70
11.0%	$22.83	$29.76	$37.77	$47.00	$57.58

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.02

Book Value / share($)Yahoo: $72.38

Results

Graham Number$127.75

Current Price$172.14

Margin of Safety-25.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.66%

Terminal growth rate(%)

Computed WACC: 11.66%

Cost of equity (Re)11.75%(Rf 4.30% + β 1.35 × ERP 5.50%)

Cost of debt (Rd)13.84%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)88.77%

Debt weight (D/V)11.23%

Results

Current Price$172.14

Implied Near-term FCF Growth30.1%

Historical Revenue Growth3.5%

Historical Earnings Growth-10.1%

Base FCF (TTM)$243.72M

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: $2.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.97

Current Price$172.14

Upside / Downside-72.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.18B

Target EV/EBITDA multipleCurrent: 9.9×

Net Debt($B)Default: $898.20M

Results

Implied Equity Value / share$172.14

Current Price$172.14

Upside / Downside+0.0%

Implied EV$11.67B

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

Mult \ Net Debt	-$1.10B	-$101.80M	$898.20M	$1.90B	$2.90B
5.9x	$128.89	$112.90	$96.92	$80.93	$64.94
7.9x	$166.50	$150.52	$134.53	$118.54	$102.55
9.9x	$204.12	$188.13	$172.14	$156.15	$140.17
11.9x	$241.73	$225.74	$209.75	$193.77	$177.78
13.9x	$279.34	$263.35	$247.37	$231.38	$215.39

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