PHIN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($69.94)
DCF	$17538673244.12	+25077638140.0%
Graham Number	$55.24	-21.0%
Reverse DCF	—	implied g: 8.9%
DDM	$24.72	-64.7%
EV/EBITDA	$72.64	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $150.50M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: 921.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.95%

Computed WACC: 9.95%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)8.27%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)72.50%

Debt weight (D/V)27.50%

Results

Intrinsic Value / share$14182395277.18

Current Price$69.94

Upside / Downside+20278670537.6%

Net Debt (used)$661.00M

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

WACC \ Near-term	913.2%	917.2%	921.2%	925.2%	929.2%
7.0%	$28647395876.61	$29217361845.05	$29796363921.20	$30384509124.00	$30981905314.03
8.0%	$21603967620.61	$22033798150.90	$22470443113.81	$22913983215.90	$23364499798.48
9.0%	$16862370190.35	$17197862310.68	$17538673244.12	$17884865983.92	$18236504018.72
10.0%	$13490796590.82	$13759208177.42	$14031875097.78	$14308847749.83	$14590176927.87
11.0%	$10996943151.50	$11215737249.08	$11438000056.16	$11663772654.32	$11893096448.23

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.24

Book Value / share($)Yahoo: $41.86

Results

Graham Number$55.24

Current Price$69.94

Margin of Safety-21.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.95%

Terminal growth rate(%)

Computed WACC: 9.95%

Cost of equity (Re)11.25%(Rf 4.30% + β 1.26 × ERP 5.50%)

Cost of debt (Rd)8.27%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)72.50%

Debt weight (D/V)27.50%

Results

Current Price$69.94

Implied Near-term FCF Growth11.4%

Historical Revenue Growth6.7%

Historical Earnings Growth921.2%

Base FCF (TTM)$150.50M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$69.94

Upside / Downside-64.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $474.00M

Target EV/EBITDA multipleCurrent: 7.2×

Net Debt($B)Default: $661.00M

Results

Implied Equity Value / share$72.64

Current Price$69.94

Upside / Downside+3.9%

Implied EV$3.42B

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

Mult \ Net Debt	-$1.34B	-$339.00M	$661.00M	$1.66B	$2.66B
3.2x	$75.38	$49.01	$22.63	$-3.74	$-30.12
5.2x	$100.39	$74.01	$47.64	$21.26	$-5.11
7.2x	$125.39	$99.02	$72.64	$46.27	$19.89
9.2x	$150.39	$124.02	$97.64	$71.27	$44.89
11.2x	$175.40	$149.02	$122.65	$96.27	$69.90

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