PEN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($342.30)
DCF	$276.17	-19.3%
Graham Number	$58.50	-82.9%
Reverse DCF	—	implied g: 42.5%
DDM	—	—
EV/EBITDA	$342.42	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $92.69M

Near-term growth (yrs 1–5)(%)Rev: 22.1% / EPS: 38.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.59%

Computed WACC: 8.59%

Cost of equity (Re)8.73%(Rf 4.30% + β 0.81 × 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)98.39%

Debt weight (D/V)1.61%

Results

Intrinsic Value / share$298.30

Current Price$342.30

Upside / Downside-12.9%

Net Debt (used)-$325.12M

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

WACC \ Near-term	30.3%	34.3%	38.3%	42.3%	46.3%
7.0%	$320.83	$370.63	$426.65	$489.46	$559.66
8.0%	$254.23	$293.19	$337.00	$386.10	$440.96
9.0%	$208.69	$240.24	$275.70	$315.43	$359.82
10.0%	$175.73	$201.93	$231.36	$264.33	$301.14
11.0%	$150.89	$173.06	$197.95	$225.82	$256.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.18

Book Value / share($)Yahoo: $36.39

Results

Graham Number$58.50

Current Price$342.30

Margin of Safety-82.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.59%

Terminal growth rate(%)

Computed WACC: 8.59%

Cost of equity (Re)8.73%(Rf 4.30% + β 0.81 × 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)98.39%

Debt weight (D/V)1.61%

Results

Current Price$342.30

Implied Near-term FCF Growth41.0%

Historical Revenue Growth22.1%

Historical Earnings Growth38.3%

Base FCF (TTM)$92.69M

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$342.30

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $206.52M

Target EV/EBITDA multipleCurrent: 63.5×

Net Debt($B)Default: -$325.12M

Results

Implied Equity Value / share$342.42

Current Price$342.30

Upside / Downside+0.0%

Implied EV$13.11B

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

Mult \ Net Debt	-$2.33B	-$1.33B	-$325.12M	$674.88M	$1.67B
59.5x	$372.34	$346.85	$321.36	$295.87	$270.38
61.5x	$382.87	$357.38	$331.89	$306.40	$280.91
63.5x	$393.40	$367.91	$342.42	$316.93	$291.44
65.5x	$403.93	$378.44	$352.95	$327.46	$301.96
67.5x	$414.46	$388.97	$363.48	$337.98	$312.49

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