PR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.79)
DCF	$-35.83	-290.7%
Graham Number	$18.64	-0.8%
Reverse DCF	—	—
DDM	$12.57	-33.1%
EV/EBITDA	$22.01	+17.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$103.41M

Near-term growth (yrs 1–5)(%)Rev: -9.8% / EPS: 51.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.19%

Computed WACC: 6.19%

Cost of equity (Re)7.83%(Rf 4.30% + β 0.64 × 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)79.11%

Debt weight (D/V)20.89%

Results

Intrinsic Value / share$-67.44

Current Price$18.79

Upside / Downside-458.9%

Net Debt (used)$3.54B

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

WACC \ Near-term	43.6%	47.6%	51.6%	55.6%	59.6%
7.0%	$-42.55	$-48.03	$-54.14	$-60.92	$-68.43
8.0%	$-34.24	$-38.51	$-43.25	$-48.52	$-54.36
9.0%	$-28.58	$-32.01	$-35.83	$-40.07	$-44.76
10.0%	$-24.49	$-27.32	$-30.47	$-33.97	$-37.84
11.0%	$-21.42	$-23.80	$-26.45	$-29.39	$-32.64

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.12

Book Value / share($)Yahoo: $13.79

Results

Graham Number$18.64

Current Price$18.79

Margin of Safety-0.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.19%

Terminal growth rate(%)

Computed WACC: 6.19%

Cost of equity (Re)7.83%(Rf 4.30% + β 0.64 × 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)79.11%

Debt weight (D/V)20.89%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.79

Implied Near-term FCF Growth—

Historical Revenue Growth-9.8%

Historical Earnings Growth51.6%

Base FCF (TTM)-$103.41M

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: $0.61

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$12.57

Current Price$18.79

Upside / Downside-33.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.95B

Target EV/EBITDA multipleCurrent: 5.0×

Net Debt($B)Default: $3.54B

Results

Implied Equity Value / share$22.01

Current Price$18.79

Upside / Downside+17.2%

Implied EV$19.94B

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

Mult \ Net Debt	$1.54B	$2.54B	$3.54B	$4.54B	$5.54B
1.0x	$3.50	$2.15	$0.81	$-0.53	$-1.87
3.0x	$14.10	$12.75	$11.41	$10.07	$8.73
5.0x	$24.70	$23.36	$22.01	$20.67	$19.33
7.0x	$35.30	$33.96	$32.62	$31.27	$29.93
9.1x	$45.90	$44.56	$43.22	$41.88	$40.53

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