OUT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.09)
DCF	$27.49	-5.5%
Graham Number	$8.16	-71.9%
Reverse DCF	—	implied g: 25.2%
DDM	$24.72	-15.0%
EV/EBITDA	$30.47	+4.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $158.86M

Near-term growth (yrs 1–5)(%)Rev: 4.1% / EPS: 24.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.76%

Computed WACC: 6.76%

Cost of equity (Re)12.50%(Rf 4.30% + β 1.49 × 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)54.08%

Debt weight (D/V)45.92%

Results

Intrinsic Value / share$59.69

Current Price$29.09

Upside / Downside+105.2%

Net Debt (used)$4.03B

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

WACC \ Near-term	16.7%	20.7%	24.7%	28.7%	32.7%
7.0%	$33.12	$43.19	$54.66	$67.67	$82.37
8.0%	$21.50	$29.45	$38.50	$48.75	$60.33
9.0%	$13.53	$20.02	$27.40	$35.77	$45.21
10.0%	$7.73	$13.17	$19.35	$26.34	$34.24
11.0%	$3.34	$7.98	$13.25	$19.21	$25.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.73

Book Value / share($)Yahoo: $4.05

Results

Graham Number$8.16

Current Price$29.09

Margin of Safety-71.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.76%

Terminal growth rate(%)

Computed WACC: 6.76%

Cost of equity (Re)12.50%(Rf 4.30% + β 1.49 × 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)54.08%

Debt weight (D/V)45.92%

Results

Current Price$29.09

Implied Near-term FCF Growth16.9%

Historical Revenue Growth4.1%

Historical Earnings Growth24.7%

Base FCF (TTM)$158.86M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$29.09

Upside / Downside-15.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $418.20M

Target EV/EBITDA multipleCurrent: 21.8×

Net Debt($B)Default: $4.03B

Results

Implied Equity Value / share$30.47

Current Price$29.09

Upside / Downside+4.7%

Implied EV$9.13B

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

Mult \ Net Debt	$2.03B	$3.03B	$4.03B	$5.03B	$6.03B
17.8x	$32.43	$26.45	$20.47	$14.49	$8.51
19.8x	$37.43	$31.45	$25.47	$19.49	$13.51
21.8x	$42.43	$36.45	$30.47	$24.49	$18.51
23.8x	$47.43	$41.45	$35.47	$29.49	$23.51
25.8x	$52.43	$46.45	$40.47	$34.49	$28.51

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