PK — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.24)
DCF	$66.39	+490.6%
Graham Number	—	—
Reverse DCF	—	implied g: -12.7%
DDM	$20.60	+83.3%
EV/EBITDA	$10.97	-2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $978.88M

Near-term growth (yrs 1–5)(%)Rev: 0.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.04%

Computed WACC: 7.04%

Cost of equity (Re)11.99%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)5.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.87%

Debt weight (D/V)64.13%

Results

Intrinsic Value / share$103.67

Current Price$11.24

Upside / Downside+822.4%

Net Debt (used)$3.82B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$67.12	$84.52	$104.77	$128.21	$155.20
8.0%	$51.81	$65.81	$82.09	$100.89	$122.53
9.0%	$41.19	$52.86	$66.39	$82.00	$99.95
10.0%	$33.40	$43.36	$54.88	$68.16	$83.41
11.0%	$27.44	$36.09	$46.08	$57.59	$70.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.43

Book Value / share($)Yahoo: $15.66

Results

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

Graham Number—

Current Price$11.24

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.04%

Terminal growth rate(%)

Computed WACC: 7.04%

Cost of equity (Re)11.99%(Rf 4.30% + β 1.40 × ERP 5.50%)

Cost of debt (Rd)5.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)35.87%

Debt weight (D/V)64.13%

Results

Current Price$11.24

Implied Near-term FCF Growth-17.2%

Historical Revenue Growth0.6%

Historical Earnings Growth—

Base FCF (TTM)$978.88M

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: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$11.24

Upside / Downside+83.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $566.00M

Target EV/EBITDA multipleCurrent: 10.6×

Net Debt($B)Default: $3.82B

Results

Implied Equity Value / share$10.97

Current Price$11.24

Upside / Downside-2.4%

Implied EV$6.02B

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

Mult \ Net Debt	$1.82B	$2.82B	$3.82B	$4.82B	$5.82B
6.6x	$9.66	$4.69	$-0.27	$-5.24	$-10.20
8.6x	$15.28	$10.31	$5.35	$0.38	$-4.58
10.6x	$20.90	$15.93	$10.97	$6.00	$1.04
12.6x	$26.52	$21.55	$16.59	$11.62	$6.66
14.6x	$32.14	$27.17	$22.21	$17.24	$12.28

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