PRIM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($151.06)
DCF	$96.96	-35.8%
Graham Number	$59.33	-60.7%
Reverse DCF	—	implied g: 13.9%
DDM	$6.59	-95.6%
EV/EBITDA	$151.06	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $291.64M

Near-term growth (yrs 1–5)(%)Rev: 6.7% / EPS: -2.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.59%

Computed WACC: 10.59%

Cost of equity (Re)11.82%(Rf 4.30% + β 1.37 × 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)89.57%

Debt weight (D/V)10.43%

Results

Intrinsic Value / share$75.93

Current Price$151.06

Upside / Downside-49.7%

Net Debt (used)$415.40M

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

WACC \ Near-term	-1.3%	2.7%	6.7%	10.7%	14.7%
7.0%	$99.06	$120.42	$145.21	$173.86	$206.79
8.0%	$79.75	$96.90	$116.78	$139.73	$166.07
9.0%	$66.38	$80.63	$97.13	$116.14	$137.95
10.0%	$56.58	$68.71	$82.74	$98.88	$117.38
11.0%	$49.09	$59.61	$71.75	$85.71	$101.69

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.03

Book Value / share($)Yahoo: $31.10

Results

Graham Number$59.33

Current Price$151.06

Margin of Safety-60.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.59%

Terminal growth rate(%)

Computed WACC: 10.59%

Cost of equity (Re)11.82%(Rf 4.30% + β 1.37 × 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)89.57%

Debt weight (D/V)10.43%

Results

Current Price$151.06

Implied Near-term FCF Growth18.3%

Historical Revenue Growth6.7%

Historical Earnings Growth-2.9%

Base FCF (TTM)$291.64M

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: $0.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$6.59

Current Price$151.06

Upside / Downside-95.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $505.80M

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $415.40M

Results

Implied Equity Value / share$151.06

Current Price$151.06

Upside / Downside+0.0%

Implied EV$8.58B

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

Mult \ Net Debt	-$1.58B	-$584.60M	$415.40M	$1.42B	$2.42B
13.0x	$150.64	$132.14	$113.64	$95.14	$76.64
15.0x	$169.35	$150.85	$132.35	$113.85	$95.35
17.0x	$188.06	$169.56	$151.06	$132.57	$114.07
19.0x	$206.78	$188.28	$169.78	$151.28	$132.78
21.0x	$225.49	$206.99	$188.49	$169.99	$151.49

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