PNW — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.24)
DCF	$-184.99	-284.5%
Graham Number	$80.84	-19.4%
Reverse DCF	—	—
DDM	$74.98	-25.2%
EV/EBITDA	$100.88	+0.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$451.43M

Near-term growth (yrs 1–5)(%)Rev: 3.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.20%

Computed WACC: 3.20%

Cost of equity (Re)7.01%(Rf 4.30% + β 0.49 × 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)45.72%

Debt weight (D/V)54.28%

Results

Intrinsic Value / share$-740.78

Current Price$100.24

Upside / Downside-839.0%

Net Debt (used)$14.22B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-185.56	$-199.06	$-214.77	$-232.96	$-253.90
8.0%	$-173.67	$-184.54	$-197.17	$-211.76	$-228.55
9.0%	$-165.44	$-174.49	$-184.99	$-197.10	$-211.03
10.0%	$-159.39	$-167.11	$-176.06	$-186.37	$-198.20
11.0%	$-154.76	$-161.47	$-169.23	$-178.16	$-188.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.85

Book Value / share($)Yahoo: $59.89

Results

Graham Number$80.84

Current Price$100.24

Margin of Safety-19.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.20%

Terminal growth rate(%)

Computed WACC: 3.20%

Cost of equity (Re)7.01%(Rf 4.30% + β 0.49 × 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)45.72%

Debt weight (D/V)54.28%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$100.24

Implied Near-term FCF Growth—

Historical Revenue Growth3.0%

Historical Earnings Growth—

Base FCF (TTM)-$451.43M

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: $3.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$74.98

Current Price$100.24

Upside / Downside-25.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.03B

Target EV/EBITDA multipleCurrent: 13.0×

Net Debt($B)Default: $14.22B

Results

Implied Equity Value / share$100.88

Current Price$100.24

Upside / Downside+0.6%

Implied EV$26.29B

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

Mult \ Net Debt	$6.22B	$10.22B	$14.22B	$18.22B	$22.22B
9.0x	$99.91	$66.49	$33.07	$-0.35	$-33.77
11.0x	$133.82	$100.40	$66.98	$33.56	$0.14
13.0x	$167.72	$134.30	$100.88	$67.46	$34.04
15.0x	$201.63	$168.21	$134.79	$101.37	$67.95
17.0x	$235.53	$202.11	$168.69	$135.27	$101.86

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