PNR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($95.90)
DCF	$54.27	-43.4%
Graham Number	$45.78	-52.3%
Reverse DCF	—	implied g: 13.6%
DDM	$21.42	-77.7%
EV/EBITDA	$98.12	+2.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $599.40M

Near-term growth (yrs 1–5)(%)Rev: 4.9% / EPS: 1.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.86%

Computed WACC: 9.86%

Cost of equity (Re)10.97%(Rf 4.30% + β 1.21 × 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)89.88%

Debt weight (D/V)10.12%

Results

Intrinsic Value / share$46.65

Current Price$95.90

Upside / Downside-51.4%

Net Debt (used)$1.66B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$54.82	$67.97	$83.27	$100.97	$121.36
8.0%	$43.25	$53.84	$66.13	$80.34	$96.69
9.0%	$35.24	$44.05	$54.27	$66.07	$79.62
10.0%	$29.35	$36.87	$45.58	$55.61	$67.13
11.0%	$24.85	$31.38	$38.93	$47.63	$57.60

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.93

Book Value / share($)Yahoo: $23.70

Results

Graham Number$45.78

Current Price$95.90

Margin of Safety-52.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.86%

Terminal growth rate(%)

Computed WACC: 9.86%

Cost of equity (Re)10.97%(Rf 4.30% + β 1.21 × 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)89.88%

Debt weight (D/V)10.12%

Results

Current Price$95.90

Implied Near-term FCF Growth16.0%

Historical Revenue Growth4.9%

Historical Earnings Growth1.6%

Base FCF (TTM)$599.40M

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: $1.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.42

Current Price$95.90

Upside / Downside-77.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.09B

Target EV/EBITDA multipleCurrent: 16.2×

Net Debt($B)Default: $1.66B

Results

Implied Equity Value / share$98.12

Current Price$95.90

Upside / Downside+2.3%

Implied EV$17.68B

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

Mult \ Net Debt	$1.66B	$1.66B	$1.66B	$1.66B	$1.66B
12.2x	$71.38	$71.38	$71.38	$71.38	$71.38
14.2x	$84.75	$84.75	$84.75	$84.75	$84.75
16.2x	$98.12	$98.12	$98.12	$98.12	$98.12
18.2x	$111.49	$111.49	$111.49	$111.49	$111.49
20.2x	$124.86	$124.86	$124.86	$124.86	$124.86

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