REG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($79.54)
DCF	$34529.75	+43311.8%
Graham Number	$48.21	-39.4%
Reverse DCF	—	implied g: 13.6%
DDM	$62.21	-21.8%
EV/EBITDA	$81.52	+2.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $671.53M

Near-term growth (yrs 1–5)(%)Rev: 8.9% / EPS: 141.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.03%

Computed WACC: 7.03%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)74.88%

Debt weight (D/V)25.12%

Results

Intrinsic Value / share$56800.62

Current Price$79.54

Upside / Downside+71311.4%

Net Debt (used)$4.87B

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

WACC \ Near-term	133.9%	137.9%	141.9%	145.9%	149.9%
7.0%	$48434.10	$52717.54	$57298.74	$62192.96	$67415.98
8.0%	$36982.12	$40252.38	$43749.93	$47486.42	$51473.88
9.0%	$29229.75	$31814.19	$34578.21	$37531.01	$40682.11
10.0%	$23683.63	$25777.44	$28016.72	$30408.90	$32961.70
11.0%	$19554.30	$21282.85	$23131.45	$25106.26	$27213.63

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.82

Book Value / share($)Yahoo: $36.63

Results

Graham Number$48.21

Current Price$79.54

Margin of Safety-39.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.03%

Terminal growth rate(%)

Computed WACC: 7.03%

Cost of equity (Re)9.39%(Rf 4.30% + β 0.93 × 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)74.88%

Debt weight (D/V)25.12%

Results

Current Price$79.54

Implied Near-term FCF Growth7.2%

Historical Revenue Growth8.9%

Historical Earnings Growth141.9%

Base FCF (TTM)$671.53M

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: $3.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$62.21

Current Price$79.54

Upside / Downside-21.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.02B

Target EV/EBITDA multipleCurrent: 19.3×

Net Debt($B)Default: $4.87B

Results

Implied Equity Value / share$81.52

Current Price$79.54

Upside / Downside+2.5%

Implied EV$19.78B

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

Mult \ Net Debt	$2.87B	$3.87B	$4.87B	$5.87B	$6.87B
15.3x	$70.07	$64.61	$59.14	$53.67	$48.20
17.3x	$81.26	$75.80	$70.33	$64.86	$59.39
19.3x	$92.45	$86.99	$81.52	$76.05	$70.58
21.3x	$103.64	$98.18	$92.71	$87.24	$81.77
23.3x	$114.83	$109.37	$103.90	$98.43	$92.96

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