PH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($1011.41)
DCF	$362.48	-64.2%
Graham Number	$264.44	-73.9%
Reverse DCF	—	implied g: 25.1%
DDM	$148.32	-85.3%
EV/EBITDA	$1011.50	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.47B

Near-term growth (yrs 1–5)(%)Rev: 9.1% / EPS: -9.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.21%

Computed WACC: 10.21%

Cost of equity (Re)11.00%(Rf 4.30% + β 1.22 × 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)92.82%

Debt weight (D/V)7.18%

Results

Intrinsic Value / share$289.69

Current Price$1011.41

Upside / Downside-71.4%

Net Debt (used)$9.44B

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

WACC \ Near-term	1.1%	5.1%	9.1%	13.1%	17.1%
7.0%	$375.53	$464.17	$566.79	$685.02	$820.62
8.0%	$292.43	$363.42	$445.50	$539.97	$648.19
9.0%	$234.99	$293.82	$361.75	$439.85	$529.23
10.0%	$192.94	$242.89	$300.51	$366.67	$442.31
11.0%	$160.84	$204.04	$253.82	$310.91	$376.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $27.41

Book Value / share($)Yahoo: $113.39

Results

Graham Number$264.44

Current Price$1011.41

Margin of Safety-73.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.21%

Terminal growth rate(%)

Computed WACC: 10.21%

Cost of equity (Re)11.00%(Rf 4.30% + β 1.22 × 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)92.82%

Debt weight (D/V)7.18%

Results

Current Price$1011.41

Implied Near-term FCF Growth28.8%

Historical Revenue Growth9.1%

Historical Earnings Growth-9.0%

Base FCF (TTM)$2.47B

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: $7.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$148.32

Current Price$1011.41

Upside / Downside-85.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.36B

Target EV/EBITDA multipleCurrent: 25.6×

Net Debt($B)Default: $9.44B

Results

Implied Equity Value / share$1011.50

Current Price$1011.41

Upside / Downside+0.0%

Implied EV$137.11B

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

Mult \ Net Debt	$5.44B	$7.44B	$9.44B	$11.44B	$13.44B
21.6x	$873.39	$857.54	$841.70	$825.85	$810.01
23.6x	$958.29	$942.45	$926.60	$910.75	$894.91
25.6x	$1043.19	$1027.35	$1011.50	$995.66	$979.81
27.6x	$1128.09	$1112.25	$1096.40	$1080.56	$1064.71
29.6x	$1213.00	$1197.15	$1181.31	$1165.46	$1149.61

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