RM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($32.35)
DCF	$-1430.73	-4522.7%
Graham Number	$62.53	+93.3%
Reverse DCF	—	—
DDM	$24.72	-23.6%
EV/EBITDA	$31.82	-1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$143.96M

Near-term growth (yrs 1–5)(%)Rev: 9.6% / EPS: 32.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.57%

Computed WACC: 1.57%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × 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)15.69%

Debt weight (D/V)84.31%

Results

Intrinsic Value / share—

Current Price$32.35

Upside / Downside—

Net Debt (used)$1.68B

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

WACC \ Near-term	24.5%	28.5%	32.5%	36.5%	40.5%
7.0%	$-1615.91	$-1855.20	$-2125.72	$-2430.45	$-2772.54
8.0%	$-1314.47	$-1502.27	$-1714.48	$-1953.43	$-2221.59
9.0%	$-1108.02	$-1260.60	$-1432.93	$-1626.89	$-1844.48
10.0%	$-958.41	$-1085.50	$-1228.97	$-1390.38	$-1571.38
11.0%	$-845.45	$-953.32	$-1075.04	$-1211.92	$-1365.35

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.45

Book Value / share($)Yahoo: $39.05

Results

Graham Number$62.53

Current Price$32.35

Margin of Safety+93.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.57%

Terminal growth rate(%)

Computed WACC: 1.57%

Cost of equity (Re)10.02%(Rf 4.30% + β 1.04 × 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)15.69%

Debt weight (D/V)84.31%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$32.35

Implied Near-term FCF Growth—

Historical Revenue Growth9.6%

Historical Earnings Growth32.5%

Base FCF (TTM)-$143.96M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$32.35

Upside / Downside-23.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $158.84M

Target EV/EBITDA multipleCurrent: 12.5×

Net Debt($B)Default: $1.68B

Results

Implied Equity Value / share$31.82

Current Price$32.35

Upside / Downside-1.6%

Implied EV$1.99B

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

Mult \ Net Debt	$1.68B	$1.68B	$1.68B	$1.68B	$1.68B
8.5x	$-34.68	$-34.68	$-34.68	$-34.68	$-34.68
10.5x	$-1.43	$-1.43	$-1.43	$-1.43	$-1.43
12.5x	$31.82	$31.82	$31.82	$31.82	$31.82
14.5x	$65.07	$65.07	$65.07	$65.07	$65.07
16.5x	$98.32	$98.32	$98.32	$98.32	$98.32

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