PBI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.77)
DCF	$7.74	-28.1%
Graham Number	—	—
Reverse DCF	—	implied g: 7.5%
DDM	$7.42	-31.1%
EV/EBITDA	$10.00	-7.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $176.99M

Near-term growth (yrs 1–5)(%)Rev: -7.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.59%

Computed WACC: 5.59%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)46.21%

Debt weight (D/V)53.79%

Results

Intrinsic Value / share$29.32

Current Price$10.77

Upside / Downside+172.2%

Net Debt (used)$1.86B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.91	$11.85	$16.43	$21.73	$27.84
8.0%	$4.44	$7.61	$11.30	$15.55	$20.45
9.0%	$2.04	$4.68	$7.74	$11.28	$15.34
10.0%	$0.28	$2.53	$5.14	$8.15	$11.60
11.0%	$-1.07	$0.89	$3.15	$5.75	$8.74

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.42

Book Value / share($)Yahoo: $-5.32

Results

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

Graham Number—

Current Price$10.77

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.59%

Terminal growth rate(%)

Computed WACC: 5.59%

Cost of equity (Re)12.10%(Rf 4.30% + β 1.42 × 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)46.21%

Debt weight (D/V)53.79%

Results

Current Price$10.77

Implied Near-term FCF Growth-4.1%

Historical Revenue Growth-7.5%

Historical Earnings Growth—

Base FCF (TTM)$176.99M

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: $0.36

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$7.42

Current Price$10.77

Upside / Downside-31.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $491.05M

Target EV/EBITDA multipleCurrent: 7.1×

Net Debt($B)Default: $1.86B

Results

Implied Equity Value / share$10.00

Current Price$10.77

Upside / Downside-7.2%

Implied EV$3.47B

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

Mult \ Net Debt	$1.86B	$1.86B	$1.86B	$1.86B	$1.86B
3.1x	$-2.21	$-2.21	$-2.21	$-2.21	$-2.21
5.1x	$3.89	$3.89	$3.89	$3.89	$3.89
7.1x	$10.00	$10.00	$10.00	$10.00	$10.00
9.1x	$16.10	$16.10	$16.10	$16.10	$16.10
11.1x	$22.20	$22.20	$22.20	$22.20	$22.20

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