PSN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($67.86)
DCF	$37.79	-44.3%
Graham Number	$34.97	-48.5%
Reverse DCF	—	implied g: 13.7%
DDM	—	—
EV/EBITDA	$69.05	+1.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $278.07M

Near-term growth (yrs 1–5)(%)Rev: -7.5% / EPS: 5.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.25%

Computed WACC: 7.25%

Cost of equity (Re)7.87%(Rf 4.30% + β 0.65 × ERP 5.50%)

Cost of debt (Rd)5.07%(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$55.00

Current Price$67.86

Upside / Downside-18.9%

Net Debt (used)$910.83M

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

WACC \ Near-term	-2.9%	1.1%	5.1%	9.1%	13.1%
7.0%	$38.14	$47.58	$58.57	$71.28	$85.92
8.0%	$29.82	$37.42	$46.25	$56.45	$68.19
9.0%	$24.05	$30.38	$37.72	$46.19	$55.93
10.0%	$19.82	$25.22	$31.47	$38.68	$46.95
11.0%	$16.58	$21.27	$26.69	$32.94	$40.09

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.20

Book Value / share($)Yahoo: $24.70

Results

Graham Number$34.97

Current Price$67.86

Margin of Safety-48.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.25%

Terminal growth rate(%)

Computed WACC: 7.25%

Cost of equity (Re)7.87%(Rf 4.30% + β 0.65 × ERP 5.50%)

Cost of debt (Rd)5.07%(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$67.86

Implied Near-term FCF Growth8.1%

Historical Revenue Growth-7.5%

Historical Earnings Growth5.1%

Base FCF (TTM)$278.07M

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$67.86

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $530.67M

Target EV/EBITDA multipleCurrent: 15.5×

Net Debt($B)Default: $910.83M

Results

Implied Equity Value / share$69.05

Current Price$67.86

Upside / Downside+1.7%

Implied EV$8.22B

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

Mult \ Net Debt	-$1.09B	-$89.17M	$910.83M	$1.91B	$2.91B
11.5x	$67.89	$58.44	$48.99	$39.54	$30.09
13.5x	$77.91	$68.47	$59.02	$49.57	$40.12
15.5x	$87.94	$78.49	$69.05	$59.60	$50.15
17.5x	$97.97	$88.52	$79.07	$69.62	$60.18
19.5x	$108.00	$98.55	$89.10	$79.65	$70.20

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