PAY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.74)
DCF	$408.60	+1551.6%
Graham Number	$7.23	-70.8%
Reverse DCF	—	implied g: -2.9%
DDM	—	—
EV/EBITDA	$49.48	+100.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $112.78M

Near-term growth (yrs 1–5)(%)Rev: 28.1% / EPS: 51.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.52%

Computed WACC: 12.52%

Cost of equity (Re)12.54%(Rf 4.30% + β 1.50 × 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)99.78%

Debt weight (D/V)0.22%

Results

Intrinsic Value / share$229.05

Current Price$24.74

Upside / Downside+825.8%

Net Debt (used)-$314.05M

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

WACC \ Near-term	43.7%	47.7%	51.7%	55.7%	59.7%
7.0%	$496.87	$568.22	$647.66	$735.88	$833.57
8.0%	$388.75	$444.21	$505.95	$574.49	$650.38
9.0%	$315.00	$359.63	$409.30	$464.44	$525.47
10.0%	$261.80	$298.62	$339.59	$385.06	$435.39
11.0%	$221.83	$252.79	$287.23	$325.45	$367.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.52

Book Value / share($)Yahoo: $4.46

Results

Graham Number$7.23

Current Price$24.74

Margin of Safety-70.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.52%

Terminal growth rate(%)

Computed WACC: 12.52%

Cost of equity (Re)12.54%(Rf 4.30% + β 1.50 × 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)99.78%

Debt weight (D/V)0.22%

Results

Current Price$24.74

Implied Near-term FCF Growth4.5%

Historical Revenue Growth28.1%

Historical Earnings Growth51.7%

Base FCF (TTM)$112.78M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$24.74

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $83.29M

Target EV/EBITDA multipleCurrent: 33.6×

Net Debt($B)Default: -$314.05M

Results

Implied Equity Value / share$49.48

Current Price$24.74

Upside / Downside+100.0%

Implied EV$2.80B

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

Mult \ Net Debt	-$2.31B	-$1.31B	-$314.05M	$685.95M	$1.69B
29.6x	$75.99	$60.08	$44.18	$28.27	$12.36
31.6x	$78.64	$62.73	$46.83	$30.92	$15.01
33.6x	$81.29	$65.38	$49.48	$33.57	$17.66
35.6x	$83.94	$68.03	$52.13	$36.22	$20.31
37.6x	$86.59	$70.68	$54.78	$38.87	$22.96

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