PEB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.90)
DCF	$14.18	+9.9%
Graham Number	—	—
Reverse DCF	—	implied g: 4.4%
DDM	$0.82	-93.6%
EV/EBITDA	$13.75	+6.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $223.79M

Near-term growth (yrs 1–5)(%)Rev: 3.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.71%

Computed WACC: 4.71%

Cost of equity (Re)12.41%(Rf 4.30% + β 1.48 × 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)37.93%

Debt weight (D/V)62.07%

Results

Intrinsic Value / share$82.17

Current Price$12.90

Upside / Downside+537.0%

Net Debt (used)$2.32B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$14.48	$21.53	$29.74	$39.24	$50.18
8.0%	$8.27	$13.95	$20.55	$28.17	$36.94
9.0%	$3.97	$8.70	$14.18	$20.51	$27.79
10.0%	$0.81	$4.85	$9.52	$14.90	$21.08
11.0%	$-1.60	$1.90	$5.95	$10.62	$15.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.18

Book Value / share($)Yahoo: $21.81

Results

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

Graham Number—

Current Price$12.90

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.71%

Terminal growth rate(%)

Computed WACC: 4.71%

Cost of equity (Re)12.41%(Rf 4.30% + β 1.48 × 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)37.93%

Debt weight (D/V)62.07%

Results

Current Price$12.90

Implied Near-term FCF Growth-11.2%

Historical Revenue Growth3.4%

Historical Earnings Growth—

Base FCF (TTM)$223.79M

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: $0.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.82

Current Price$12.90

Upside / Downside-93.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $302.91M

Target EV/EBITDA multipleCurrent: 12.8×

Net Debt($B)Default: $2.32B

Results

Implied Equity Value / share$13.75

Current Price$12.90

Upside / Downside+6.6%

Implied EV$3.88B

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

Mult \ Net Debt	$317.78M	$1.32B	$2.32B	$3.32B	$4.32B
8.8x	$20.69	$11.89	$3.09	$-5.72	$-14.52
10.8x	$26.03	$17.22	$8.42	$-0.38	$-9.19
12.8x	$31.36	$22.55	$13.75	$4.95	$-3.85
14.8x	$36.69	$27.89	$19.08	$10.28	$1.48
16.8x	$42.02	$33.22	$24.42	$15.61	$6.81

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