POOL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($222.00)
DCF	$57.34	-74.2%
Graham Number	$88.41	-60.2%
Reverse DCF	—	implied g: 22.4%
DDM	$103.00	-53.6%
EV/EBITDA	$219.25	-1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $203.11M

Near-term growth (yrs 1–5)(%)Rev: -0.5% / EPS: -12.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.34%

Computed WACC: 9.34%

Cost of equity (Re)11.06%(Rf 4.30% + β 1.23 × 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)84.37%

Debt weight (D/V)15.63%

Results

Intrinsic Value / share$52.52

Current Price$222.00

Upside / Downside-76.3%

Net Debt (used)$1.43B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$58.16	$77.68	$100.40	$126.69	$156.97
8.0%	$40.98	$56.69	$74.95	$96.05	$120.32
9.0%	$29.07	$42.16	$57.34	$74.86	$94.99
10.0%	$20.33	$31.50	$44.43	$59.33	$76.44
11.0%	$13.64	$23.34	$34.56	$47.47	$62.27

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.72

Book Value / share($)Yahoo: $32.40

Results

Graham Number$88.41

Current Price$222.00

Margin of Safety-60.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.34%

Terminal growth rate(%)

Computed WACC: 9.34%

Cost of equity (Re)11.06%(Rf 4.30% + β 1.23 × 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)84.37%

Debt weight (D/V)15.63%

Results

Current Price$222.00

Implied Near-term FCF Growth23.5%

Historical Revenue Growth-0.5%

Historical Earnings Growth-12.9%

Base FCF (TTM)$203.11M

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: $5.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$103.00

Current Price$222.00

Upside / Downside-53.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $631.17M

Target EV/EBITDA multipleCurrent: 15.2×

Net Debt($B)Default: $1.43B

Results

Implied Equity Value / share$219.25

Current Price$222.00

Upside / Downside-1.2%

Implied EV$9.60B

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

Mult \ Net Debt	$1.43B	$1.43B	$1.43B	$1.43B	$1.43B
11.2x	$151.47	$151.47	$151.47	$151.47	$151.47
13.2x	$185.36	$185.36	$185.36	$185.36	$185.36
15.2x	$219.25	$219.25	$219.25	$219.25	$219.25
17.2x	$253.14	$253.14	$253.14	$253.14	$253.14
19.2x	$287.02	$287.02	$287.02	$287.02	$287.02

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