PLD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($142.57)
DCF	$60.07	-57.9%
Graham Number	$67.68	-52.5%
Reverse DCF	—	implied g: 16.9%
DDM	$88.17	-38.2%
EV/EBITDA	$147.54	+3.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.77B

Near-term growth (yrs 1–5)(%)Rev: 4.0% / EPS: 6.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.13%

Computed WACC: 10.13%

Cost of equity (Re)12.21%(Rf 4.30% + β 1.44 × ERP 5.50%)

Cost of debt (Rd)3.04%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.79%

Debt weight (D/V)21.21%

Results

Intrinsic Value / share$45.19

Current Price$142.57

Upside / Downside-68.3%

Net Debt (used)$34.53B

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

WACC \ Near-term	-1.7%	2.3%	6.3%	10.3%	14.3%
7.0%	$61.45	$81.22	$104.19	$130.73	$161.25
8.0%	$43.70	$59.59	$78.01	$99.29	$123.72
9.0%	$31.41	$44.61	$59.91	$77.55	$97.79
10.0%	$22.39	$33.64	$46.66	$61.64	$78.82
11.0%	$15.49	$25.25	$36.53	$49.50	$64.34

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.56

Book Value / share($)Yahoo: $57.18

Results

Graham Number$67.68

Current Price$142.57

Margin of Safety-52.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.13%

Terminal growth rate(%)

Computed WACC: 10.13%

Cost of equity (Re)12.21%(Rf 4.30% + β 1.44 × ERP 5.50%)

Cost of debt (Rd)3.04%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.79%

Debt weight (D/V)21.21%

Results

Current Price$142.57

Implied Near-term FCF Growth20.2%

Historical Revenue Growth4.0%

Historical Earnings Growth6.3%

Base FCF (TTM)$4.77B

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: $4.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$88.17

Current Price$142.57

Upside / Downside-38.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.44B

Target EV/EBITDA multipleCurrent: 26.6×

Net Debt($B)Default: $34.53B

Results

Implied Equity Value / share$147.54

Current Price$142.57

Upside / Downside+3.5%

Implied EV$171.68B

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

Mult \ Net Debt	$16.53B	$25.53B	$34.53B	$43.53B	$52.53B
22.6x	$139.18	$129.50	$119.82	$110.14	$100.45
24.6x	$153.04	$143.36	$133.68	$124.00	$114.32
26.6x	$166.91	$157.22	$147.54	$137.86	$128.18
28.6x	$180.77	$171.09	$161.40	$151.72	$142.04
30.6x	$194.63	$184.95	$175.27	$165.58	$155.90

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