PAGP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($22.97)
DCF	$-56.26	-344.9%
Graham Number	$13.08	-43.0%
Reverse DCF	—	—
DDM	$34.40	+49.8%
EV/EBITDA	$88.03	+283.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: -14.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.32%

Computed WACC: 2.32%

Cost of equity (Re)7.29%(Rf 4.30% + β 0.54 × 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)31.83%

Debt weight (D/V)68.17%

Results

Intrinsic Value / share—

Current Price$22.97

Upside / Downside—

Net Debt (used)$11.13B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-56.26	$-56.26	$-56.26	$-56.26	$-56.26
8.0%	$-56.26	$-56.26	$-56.26	$-56.26	$-56.26
9.0%	$-56.26	$-56.26	$-56.26	$-56.26	$-56.26
10.0%	$-56.26	$-56.26	$-56.26	$-56.26	$-56.26
11.0%	$-56.26	$-56.26	$-56.26	$-56.26	$-56.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.12

Book Value / share($)Yahoo: $6.79

Results

Graham Number$13.08

Current Price$22.97

Margin of Safety-43.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.32%

Terminal growth rate(%)

Computed WACC: 2.32%

Cost of equity (Re)7.29%(Rf 4.30% + β 0.54 × 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)31.83%

Debt weight (D/V)68.17%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$22.97

Implied Near-term FCF Growth—

Historical Revenue Growth-14.8%

Historical Earnings Growth—

Base FCF (TTM)—

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: $1.67

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$34.40

Current Price$22.97

Upside / Downside+49.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.30B

Target EV/EBITDA multipleCurrent: 12.4×

Net Debt($B)Default: $11.13B

Results

Implied Equity Value / share$88.03

Current Price$22.97

Upside / Downside+283.2%

Implied EV$28.55B

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

Mult \ Net Debt	$5.13B	$8.13B	$11.13B	$14.13B	$17.13B
8.4x	$71.82	$56.66	$41.50	$26.34	$11.18
10.4x	$95.08	$79.92	$64.76	$49.60	$34.44
12.4x	$118.35	$103.19	$88.03	$72.87	$57.71
14.4x	$141.62	$126.46	$111.30	$96.14	$80.98
16.4x	$164.88	$149.72	$134.56	$119.40	$104.24

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