PRSU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($36.22)
DCF	$93.97	+159.4%
Graham Number	—	—
Reverse DCF	—	implied g: 9.4%
DDM	—	—
EV/EBITDA	$38.66	+6.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $52.24M

Near-term growth (yrs 1–5)(%)Rev: 24.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.25%

Computed WACC: 12.25%

Cost of equity (Re)12.25%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)15.48%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.99%

Debt weight (D/V)16.01%

Results

Intrinsic Value / share$55.35

Current Price$36.22

Upside / Downside+52.8%

Net Debt (used)$164.10M

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

WACC \ Near-term	16.6%	20.6%	24.6%	28.6%	32.6%
7.0%	$105.01	$124.53	$146.76	$171.98	$200.47
8.0%	$82.52	$97.92	$115.46	$135.33	$157.78
9.0%	$67.08	$79.66	$93.97	$110.19	$128.49
10.0%	$55.86	$66.39	$78.37	$91.93	$107.23
11.0%	$47.36	$56.35	$66.56	$78.12	$91.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.84

Book Value / share($)Yahoo: $20.77

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$36.22

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.25%

Terminal growth rate(%)

Computed WACC: 12.25%

Cost of equity (Re)12.25%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)15.48%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)83.99%

Debt weight (D/V)16.01%

Results

Current Price$36.22

Implied Near-term FCF Growth17.5%

Historical Revenue Growth24.6%

Historical Earnings Growth—

Base FCF (TTM)$52.24M

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$36.22

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $110.33M

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $164.10M

Results

Implied Equity Value / share$38.66

Current Price$36.22

Upside / Downside+6.7%

Implied EV$1.26B

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

Mult \ Net Debt	-$1.84B	-$835.90M	$164.10M	$1.16B	$2.16B
7.4x	$93.77	$58.41	$23.05	$-12.30	$-47.66
9.4x	$101.57	$66.21	$30.86	$-4.50	$-39.86
11.4x	$109.37	$74.01	$38.66	$3.30	$-32.05
13.4x	$117.17	$81.82	$46.46	$11.10	$-24.25
15.4x	$124.98	$89.62	$54.26	$18.91	$-16.45

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