PSKY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.51)
DCF	$248.47	+1739.1%
Graham Number	$2.65	-80.4%
Reverse DCF	—	implied g: -20.0%
DDM	$4.12	-69.5%
EV/EBITDA	$15.33	+13.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $15.84B

Near-term growth (yrs 1–5)(%)Rev: 2.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.43%

Computed WACC: 5.43%

Cost of equity (Re)10.94%(Rf 4.30% + β 1.21 × 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)49.69%

Debt weight (D/V)50.31%

Results

Intrinsic Value / share$568.59

Current Price$13.51

Upside / Downside+4108.7%

Net Debt (used)$11.82B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$250.70	$303.62	$365.20	$436.46	$518.54
8.0%	$204.13	$246.73	$296.21	$353.41	$419.21
9.0%	$171.86	$207.33	$248.47	$295.96	$350.53
10.0%	$148.16	$178.42	$213.47	$253.87	$300.24
11.0%	$130.03	$156.32	$186.72	$221.73	$261.85

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.03

Book Value / share($)Yahoo: $10.40

Results

Graham Number$2.65

Current Price$13.51

Margin of Safety-80.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.43%

Terminal growth rate(%)

Computed WACC: 5.43%

Cost of equity (Re)10.94%(Rf 4.30% + β 1.21 × 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)49.69%

Debt weight (D/V)50.31%

Results

Current Price$13.51

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth2.1%

Historical Earnings Growth—

Base FCF (TTM)$15.84B

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: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$13.51

Upside / Downside-69.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.68B

Target EV/EBITDA multipleCurrent: 10.5×

Net Debt($B)Default: $11.82B

Results

Implied Equity Value / share$15.33

Current Price$13.51

Upside / Downside+13.5%

Implied EV$28.24B

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

Mult \ Net Debt	$5.82B	$8.82B	$11.82B	$14.82B	$17.82B
6.5x	$10.92	$8.12	$5.32	$2.52	$-0.28
8.5x	$15.92	$13.12	$10.32	$7.53	$4.73
10.5x	$20.93	$18.13	$15.33	$12.53	$9.73
12.5x	$25.93	$23.13	$20.33	$17.53	$14.73
14.5x	$30.93	$28.13	$25.33	$22.54	$19.74

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