PENN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.85)
DCF	$-126.48	-951.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$14.84	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$293.76M

Near-term growth (yrs 1–5)(%)Rev: 8.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.90%

Computed WACC: 1.90%

Cost of equity (Re)11.80%(Rf 4.30% + β 1.36 × 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)16.13%

Debt weight (D/V)83.87%

Results

Intrinsic Value / share—

Current Price$14.85

Upside / Downside—

Net Debt (used)$10.59B

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

WACC \ Near-term	0.2%	4.2%	8.2%	12.2%	16.2%
7.0%	$-127.73	$-137.25	$-148.28	$-161.01	$-175.61
8.0%	$-118.93	$-126.56	$-135.39	$-145.57	$-157.23
9.0%	$-112.84	$-119.17	$-126.48	$-134.90	$-144.55
10.0%	$-108.38	$-113.76	$-119.97	$-127.10	$-135.27
11.0%	$-104.97	$-109.63	$-115.00	$-121.16	$-128.21

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-6.08

Book Value / share($)Yahoo: $14.53

Results

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

Graham Number—

Current Price$14.85

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.90%

Terminal growth rate(%)

Computed WACC: 1.90%

Cost of equity (Re)11.80%(Rf 4.30% + β 1.36 × 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)16.13%

Debt weight (D/V)83.87%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$14.85

Implied Near-term FCF Growth—

Historical Revenue Growth8.2%

Historical Earnings Growth—

Base FCF (TTM)-$293.76M

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$14.85

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $722.20M

Target EV/EBITDA multipleCurrent: 17.4×

Net Debt($B)Default: $10.59B

Results

Implied Equity Value / share$14.84

Current Price$14.85

Upside / Downside-0.1%

Implied EV$12.56B

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

Mult \ Net Debt	$4.59B	$7.59B	$10.59B	$13.59B	$16.59B
13.4x	$38.26	$15.68	$-6.90	$-29.48	$-52.06
15.4x	$49.13	$26.55	$3.97	$-18.61	$-41.19
17.4x	$60.00	$37.42	$14.84	$-7.74	$-30.32
19.4x	$70.87	$48.29	$25.71	$3.13	$-19.44
21.4x	$81.74	$59.16	$36.58	$14.00	$-8.57

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