POR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($53.41)
DCF	$-104.99	-296.6%
Graham Number	$47.21	-11.6%
Reverse DCF	—	—
DDM	$43.26	-19.0%
EV/EBITDA	$53.98	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$332.75M

Near-term growth (yrs 1–5)(%)Rev: 7.9% / EPS: 3.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.06%

Computed WACC: 6.06%

Cost of equity (Re)7.85%(Rf 4.30% + β 0.65 × ERP 5.50%)

Cost of debt (Rd)5.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.86%

Debt weight (D/V)46.14%

Results

Intrinsic Value / share$-156.96

Current Price$53.41

Upside / Downside-393.9%

Net Debt (used)$5.21B

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

WACC \ Near-term	-0.1%	3.9%	7.9%	11.9%	15.9%
7.0%	$-106.60	$-118.81	$-132.97	$-149.30	$-168.06
8.0%	$-95.36	$-105.15	$-116.48	$-129.55	$-144.53
9.0%	$-87.58	$-95.70	$-105.09	$-115.90	$-128.29
10.0%	$-81.88	$-88.78	$-96.76	$-105.93	$-116.42
11.0%	$-77.52	$-83.50	$-90.40	$-98.32	$-107.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.77

Book Value / share($)Yahoo: $35.77

Results

Graham Number$47.21

Current Price$53.41

Margin of Safety-11.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.06%

Terminal growth rate(%)

Computed WACC: 6.06%

Cost of equity (Re)7.85%(Rf 4.30% + β 0.65 × ERP 5.50%)

Cost of debt (Rd)5.03%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)53.86%

Debt weight (D/V)46.14%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$53.41

Implied Near-term FCF Growth—

Historical Revenue Growth7.9%

Historical Earnings Growth3.0%

Base FCF (TTM)-$332.75M

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: $2.10

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$43.26

Current Price$53.41

Upside / Downside-19.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.14B

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: $5.21B

Results

Implied Equity Value / share$53.98

Current Price$53.41

Upside / Downside+1.1%

Implied EV$11.45B

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

Mult \ Net Debt	$3.21B	$4.21B	$5.21B	$6.21B	$7.21B
6.0x	$31.73	$23.07	$14.42	$5.77	$-2.89
8.0x	$51.51	$42.85	$34.20	$25.55	$16.89
10.0x	$71.29	$62.64	$53.98	$45.33	$36.68
12.0x	$91.07	$82.42	$73.76	$65.11	$56.46
14.0x	$110.85	$102.20	$93.55	$84.89	$76.24

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