POST — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.30)
DCF	$-23.74	-122.3%
Graham Number	$93.94	-11.6%
Reverse DCF	—	implied g: 22.5%
DDM	—	—
EV/EBITDA	$106.54	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $255.55M

Near-term growth (yrs 1–5)(%)Rev: 10.1% / EPS: -3.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.14%

Computed WACC: 5.14%

Cost of equity (Re)6.34%(Rf 4.30% + β 0.37 × ERP 5.50%)

Cost of debt (Rd)5.37%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.63%

Debt weight (D/V)57.37%

Results

Intrinsic Value / share$174.42

Current Price$106.30

Upside / Downside+64.1%

Net Debt (used)$7.18B

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

WACC \ Near-term	2.1%	6.1%	10.1%	14.1%	18.1%
7.0%	$-18.81	$6.80	$36.42	$70.50	$109.56
8.0%	$-43.20	$-22.71	$0.95	$28.15	$59.28
9.0%	$-60.04	$-43.09	$-23.53	$-1.07	$24.62
10.0%	$-72.36	$-57.99	$-41.42	$-22.41	$-0.70
11.0%	$-81.77	$-69.34	$-55.05	$-38.66	$-19.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.44

Book Value / share($)Yahoo: $72.09

Results

Graham Number$93.94

Current Price$106.30

Margin of Safety-11.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.14%

Terminal growth rate(%)

Computed WACC: 5.14%

Cost of equity (Re)6.34%(Rf 4.30% + β 0.37 × ERP 5.50%)

Cost of debt (Rd)5.37%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.63%

Debt weight (D/V)57.37%

Results

Current Price$106.30

Implied Near-term FCF Growth6.5%

Historical Revenue Growth10.1%

Historical Earnings Growth-3.9%

Base FCF (TTM)$255.55M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$106.30

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.42B

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $7.18B

Results

Implied Equity Value / share$106.54

Current Price$106.30

Upside / Downside+0.2%

Implied EV$12.29B

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

Mult \ Net Debt	$3.18B	$5.18B	$7.18B	$9.18B	$11.18B
4.6x	$71.28	$29.58	$-12.13	$-53.83	$-95.54
6.6x	$130.61	$88.91	$47.20	$5.50	$-36.20
8.6x	$189.94	$148.24	$106.54	$64.83	$23.13
10.6x	$249.28	$207.57	$165.87	$124.16	$82.46
12.6x	$308.61	$266.91	$225.20	$183.50	$141.79

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