PRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($33.52)
DCF	$837.82	+2399.1%
Graham Number	$40.89	+22.0%
Reverse DCF	—	implied g: -20.0%
DDM	$11.54	-65.6%
EV/EBITDA	$35.23	+5.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.90B

Near-term growth (yrs 1–5)(%)Rev: -7.8% / EPS: -25.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.50%

Computed WACC: 9.50%

Cost of equity (Re)13.81%(Rf 4.30% + β 1.73 × 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)68.77%

Debt weight (D/V)31.23%

Results

Intrinsic Value / share$776.75

Current Price$33.52

Upside / Downside+2216.9%

Net Debt (used)$293.35M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$845.09	$1017.48	$1218.04	$1450.17	$1717.53
8.0%	$693.39	$832.15	$993.33	$1179.64	$1393.96
9.0%	$588.28	$703.81	$837.82	$992.51	$1170.26
10.0%	$511.11	$609.68	$723.83	$855.43	$1006.47
11.0%	$452.03	$537.67	$636.70	$750.72	$881.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.94

Book Value / share($)Yahoo: $18.86

Results

Graham Number$40.89

Current Price$33.52

Margin of Safety+22.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.50%

Terminal growth rate(%)

Computed WACC: 9.50%

Cost of equity (Re)13.81%(Rf 4.30% + β 1.73 × 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)68.77%

Debt weight (D/V)31.23%

Results

Current Price$33.52

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-7.8%

Historical Earnings Growth-25.9%

Base FCF (TTM)$1.90B

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: $0.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.54

Current Price$33.52

Upside / Downside-65.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $400.24M

Target EV/EBITDA multipleCurrent: 4.2×

Net Debt($B)Default: $293.35M

Results

Implied Equity Value / share$35.23

Current Price$33.52

Upside / Downside+5.1%

Implied EV$1.69B

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

Mult \ Net Debt	-$1.71B	-$706.65M	$293.35M	$1.29B	$2.29B
0.2x	$45.32	$20.04	$-5.25	$-30.54	$-55.83
2.2x	$65.56	$40.28	$14.99	$-10.30	$-35.58
4.2x	$85.81	$60.52	$35.23	$9.94	$-15.34
6.2x	$106.05	$80.76	$55.47	$30.19	$4.90
8.2x	$126.29	$101.00	$75.72	$50.43	$25.14

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