OTEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.51)
DCF	$52.24	+113.1%
Graham Number	$24.84	+1.4%
Reverse DCF	—	implied g: -3.0%
DDM	$22.45	-8.4%
EV/EBITDA	$24.51	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.05B

Near-term growth (yrs 1–5)(%)Rev: -0.6% / EPS: -23.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.00%

Computed WACC: 5.00%

Cost of equity (Re)10.28%(Rf 4.30% + β 1.09 × 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)48.60%

Debt weight (D/V)51.40%

Results

Intrinsic Value / share$171.25

Current Price$24.51

Upside / Downside+598.7%

Net Debt (used)$5.32B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$52.87	$67.85	$85.28	$105.45	$128.69
8.0%	$39.68	$51.74	$65.75	$81.94	$100.57
9.0%	$30.55	$40.59	$52.24	$65.68	$81.13
10.0%	$23.84	$32.41	$42.33	$53.77	$66.89
11.0%	$18.71	$26.15	$34.76	$44.67	$56.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.69

Book Value / share($)Yahoo: $16.23

Results

Graham Number$24.84

Current Price$24.51

Margin of Safety+1.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.00%

Terminal growth rate(%)

Computed WACC: 5.00%

Cost of equity (Re)10.28%(Rf 4.30% + β 1.09 × 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)48.60%

Debt weight (D/V)51.40%

Results

Current Price$24.51

Implied Near-term FCF Growth-15.8%

Historical Revenue Growth-0.6%

Historical Earnings Growth-23.9%

Base FCF (TTM)$1.05B

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: $1.09

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.45

Current Price$24.51

Upside / Downside-8.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.52B

Target EV/EBITDA multipleCurrent: 7.6×

Net Debt($B)Default: $5.32B

Results

Implied Equity Value / share$24.51

Current Price$24.51

Upside / Downside+0.0%

Implied EV$11.46B

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

Mult \ Net Debt	$3.32B	$4.32B	$5.32B	$6.32B	$7.32B
3.6x	$8.27	$4.28	$0.29	$-3.70	$-7.69
5.6x	$20.38	$16.39	$12.40	$8.41	$4.42
7.6x	$32.50	$28.50	$24.51	$20.52	$16.53
9.6x	$44.61	$40.62	$36.63	$32.64	$28.65
11.6x	$56.72	$52.73	$48.74	$44.75	$40.76

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