PBF — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($39.38)
DCF	$-90.92	-330.9%
Graham Number	—	—
Reverse DCF	—	—
DDM	$22.66	-42.5%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$469.65M

Near-term growth (yrs 1–5)(%)Rev: -2.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.09%

Computed WACC: 7.09%

Cost of equity (Re)6.53%(Rf 4.30% + β 0.41 × ERP 5.50%)

Cost of debt (Rd)10.07%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)61.25%

Debt weight (D/V)38.75%

Results

Intrinsic Value / share$-120.62

Current Price$39.38

Upside / Downside-406.3%

Net Debt (used)$2.39B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-91.53	$-105.91	$-122.64	$-142.01	$-164.31
8.0%	$-78.87	$-90.45	$-103.89	$-119.44	$-137.32
9.0%	$-70.10	$-79.74	$-90.92	$-103.83	$-118.66
10.0%	$-63.66	$-71.89	$-81.41	$-92.39	$-104.99
11.0%	$-58.73	$-65.88	$-74.14	$-83.65	$-94.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.39

Book Value / share($)Yahoo: $45.49

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$39.38

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.09%

Terminal growth rate(%)

Computed WACC: 7.09%

Cost of equity (Re)6.53%(Rf 4.30% + β 0.41 × ERP 5.50%)

Cost of debt (Rd)10.07%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)61.25%

Debt weight (D/V)38.75%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$39.38

Implied Near-term FCF Growth—

Historical Revenue Growth-2.9%

Historical Earnings Growth—

Base FCF (TTM)-$469.65M

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: $1.10

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$22.66

Current Price$39.38

Upside / Downside-42.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$456.10M

Target EV/EBITDA multipleCurrent: -15.6×

Net Debt($B)Default: $2.39B

Results

Implied Equity Value / share$40.49

Current Price$39.38

Upside / Downside+2.8%

Implied EV$7.12B

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