PPG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($117.81)
DCF	$16.90	-85.7%
Graham Number	$74.44	-36.8%
Reverse DCF	—	implied g: 26.3%
DDM	$58.50	-50.3%
EV/EBITDA	$119.90	+1.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $538.88M

Near-term growth (yrs 1–5)(%)Rev: 5.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.06%

Computed WACC: 8.06%

Cost of equity (Re)10.48%(Rf 4.30% + β 1.12 × 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)76.92%

Debt weight (D/V)23.08%

Results

Intrinsic Value / share$24.14

Current Price$117.81

Upside / Downside-79.5%

Net Debt (used)$5.68B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$17.27	$25.90	$35.94	$47.57	$60.96
8.0%	$9.67	$16.62	$24.69	$34.02	$44.75
9.0%	$4.40	$10.19	$16.90	$24.65	$33.55
10.0%	$0.54	$5.48	$11.19	$17.78	$25.35
11.0%	$-2.42	$1.87	$6.83	$12.54	$19.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.93

Book Value / share($)Yahoo: $35.54

Results

Graham Number$74.44

Current Price$117.81

Margin of Safety-36.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.06%

Terminal growth rate(%)

Computed WACC: 8.06%

Cost of equity (Re)10.48%(Rf 4.30% + β 1.12 × 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)76.92%

Debt weight (D/V)23.08%

Results

Current Price$117.81

Implied Near-term FCF Growth23.1%

Historical Revenue Growth5.0%

Historical Earnings Growth—

Base FCF (TTM)$538.88M

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: $2.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$58.50

Current Price$117.81

Upside / Downside-50.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.65B

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: $5.68B

Results

Implied Equity Value / share$119.90

Current Price$117.81

Upside / Downside+1.8%

Implied EV$32.48B

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

Mult \ Net Debt	$3.68B	$4.68B	$5.68B	$6.68B	$7.68B
8.2x	$81.38	$76.91	$72.43	$67.96	$63.48
10.2x	$105.11	$100.64	$96.16	$91.69	$87.21
12.2x	$128.84	$124.37	$119.90	$115.42	$110.95
14.2x	$152.58	$148.10	$143.63	$139.15	$134.68
16.2x	$176.31	$171.83	$167.36	$162.89	$158.41

← Overview Financial Statements ← Companies