PFG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($95.83)
DCF	$90.42	-5.6%
Graham Number	$80.36	-16.1%
Reverse DCF	—	implied g: 6.1%
DDM	$64.48	-32.7%
EV/EBITDA	$98.17	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.04B

Near-term growth (yrs 1–5)(%)Rev: -3.7% / EPS: -40.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.56%

Computed WACC: 7.56%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × 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)82.95%

Debt weight (D/V)17.05%

Results

Intrinsic Value / share$114.65

Current Price$95.83

Upside / Downside+19.6%

Net Debt (used)-$1.37B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$91.15	$108.30	$128.27	$151.37	$177.98
8.0%	$76.05	$89.86	$105.90	$124.44	$145.77
9.0%	$65.59	$77.09	$90.42	$105.82	$123.51
10.0%	$57.91	$67.72	$79.08	$92.18	$107.21
11.0%	$52.03	$60.55	$70.41	$81.75	$94.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.25

Book Value / share($)Yahoo: $54.67

Results

Graham Number$80.36

Current Price$95.83

Margin of Safety-16.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.56%

Terminal growth rate(%)

Computed WACC: 7.56%

Cost of equity (Re)9.12%(Rf 4.30% + β 0.88 × 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)82.95%

Debt weight (D/V)17.05%

Results

Current Price$95.83

Implied Near-term FCF Growth1.9%

Historical Revenue Growth-3.7%

Historical Earnings Growth-40.9%

Base FCF (TTM)$1.04B

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: $3.13

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$64.48

Current Price$95.83

Upside / Downside-32.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.73B

Target EV/EBITDA multipleCurrent: 11.5×

Net Debt($B)Default: -$1.37B

Results

Implied Equity Value / share$98.17

Current Price$95.83

Upside / Downside+2.4%

Implied EV$19.92B

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

Mult \ Net Debt	-$1.37B	-$1.37B	-$1.37B	-$1.37B	-$1.37B
7.5x	$66.25	$66.25	$66.25	$66.25	$66.25
9.5x	$82.21	$82.21	$82.21	$82.21	$82.21
11.5x	$98.17	$98.17	$98.17	$98.17	$98.17
13.5x	$114.13	$114.13	$114.13	$114.13	$114.13
15.5x	$130.09	$130.09	$130.09	$130.09	$130.09

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