PFS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.50)
DCF	$-18.17	-184.5%
Graham Number	$32.99	+53.4%
Reverse DCF	—	—
DDM	$19.78	-8.0%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 15.2% / EPS: 71.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.55%

Computed WACC: 4.55%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × 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)51.10%

Debt weight (D/V)48.90%

Results

Intrinsic Value / share$-18.17

Current Price$21.50

Upside / Downside-184.5%

Net Debt (used)$2.37B

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

WACC \ Near-term	63.3%	67.3%	71.3%	75.3%	79.3%
7.0%	$-18.17	$-18.17	$-18.17	$-18.17	$-18.17
8.0%	$-18.17	$-18.17	$-18.17	$-18.17	$-18.17
9.0%	$-18.17	$-18.17	$-18.17	$-18.17	$-18.17
10.0%	$-18.17	$-18.17	$-18.17	$-18.17	$-18.17
11.0%	$-18.17	$-18.17	$-18.17	$-18.17	$-18.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.23

Book Value / share($)Yahoo: $21.69

Results

Graham Number$32.99

Current Price$21.50

Margin of Safety+53.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.55%

Terminal growth rate(%)

Computed WACC: 4.55%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × 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)51.10%

Debt weight (D/V)48.90%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$21.50

Implied Near-term FCF Growth—

Historical Revenue Growth15.2%

Historical Earnings Growth71.3%

Base FCF (TTM)—

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: $0.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.78

Current Price$21.50

Upside / Downside-8.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $2.37B

Results

Implied Equity Value / share$-18.17

Current Price$21.50

Upside / Downside-184.5%

Implied EV$0

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