OWL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.64)
DCF	$599.53	+5532.0%
Graham Number	$2.73	-74.4%
Reverse DCF	—	implied g: -8.5%
DDM	$18.54	+74.2%
EV/EBITDA	$16.33	+53.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.35B

Near-term growth (yrs 1–5)(%)Rev: 19.7% / EPS: 57.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.44%

Computed WACC: 8.44%

Cost of equity (Re)10.41%(Rf 4.30% + β 1.11 × 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)81.13%

Debt weight (D/V)18.87%

Results

Intrinsic Value / share$675.23

Current Price$10.64

Upside / Downside+6243.2%

Net Debt (used)$3.67B

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

WACC \ Near-term	49.4%	53.4%	57.4%	61.4%	65.4%
7.0%	$741.35	$845.61	$961.25	$1089.18	$1230.37
8.0%	$575.57	$656.43	$746.12	$845.32	$954.78
9.0%	$462.59	$527.53	$599.53	$679.16	$767.02
10.0%	$381.17	$434.63	$493.90	$559.44	$631.73
11.0%	$320.06	$364.92	$414.64	$469.61	$530.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.10

Book Value / share($)Yahoo: $3.31

Results

Graham Number$2.73

Current Price$10.64

Margin of Safety-74.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.44%

Terminal growth rate(%)

Computed WACC: 8.44%

Cost of equity (Re)10.41%(Rf 4.30% + β 1.11 × 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)81.13%

Debt weight (D/V)18.87%

Results

Current Price$10.64

Implied Near-term FCF Growth-9.7%

Historical Revenue Growth19.7%

Historical Earnings Growth57.4%

Base FCF (TTM)$1.35B

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: $0.90

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$18.54

Current Price$10.64

Upside / Downside+74.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.24B

Target EV/EBITDA multipleCurrent: 11.8×

Net Debt($B)Default: $3.67B

Results

Implied Equity Value / share$16.33

Current Price$10.64

Upside / Downside+53.4%

Implied EV$14.54B

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

Mult \ Net Debt	$1.67B	$2.67B	$3.67B	$4.67B	$5.67B
7.8x	$11.91	$10.41	$8.90	$7.40	$5.90
9.8x	$15.62	$14.12	$12.62	$11.12	$9.61
11.8x	$19.34	$17.84	$16.33	$14.83	$13.33
13.8x	$23.05	$21.55	$20.05	$18.55	$17.04
15.8x	$26.77	$25.27	$23.76	$22.26	$20.76

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