RS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($322.85)
DCF	$157.08	-51.3%
Graham Number	$208.79	-35.3%
Reverse DCF	—	implied g: 26.4%
DDM	$103.00	-68.1%
EV/EBITDA	$323.01	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $305.60M

Near-term growth (yrs 1–5)(%)Rev: 11.9% / EPS: 15.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.26%

Computed WACC: 8.26%

Cost of equity (Re)9.11%(Rf 4.30% + β 0.88 × 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)90.66%

Debt weight (D/V)9.34%

Results

Intrinsic Value / share$183.33

Current Price$322.85

Upside / Downside-43.2%

Net Debt (used)$1.52B

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

WACC \ Near-term	7.1%	11.1%	15.1%	19.1%	23.1%
7.0%	$168.64	$206.03	$249.03	$298.25	$354.36
8.0%	$130.46	$160.21	$194.39	$233.48	$278.02
9.0%	$104.14	$128.64	$156.76	$188.90	$225.48
10.0%	$84.94	$105.62	$129.33	$156.41	$187.20
11.0%	$70.34	$88.12	$108.49	$131.73	$158.14

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.98

Book Value / share($)Yahoo: $138.59

Results

Graham Number$208.79

Current Price$322.85

Margin of Safety-35.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.26%

Terminal growth rate(%)

Computed WACC: 8.26%

Cost of equity (Re)9.11%(Rf 4.30% + β 0.88 × 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)90.66%

Debt weight (D/V)9.34%

Results

Current Price$322.85

Implied Near-term FCF Growth23.8%

Historical Revenue Growth11.9%

Historical Earnings Growth15.1%

Base FCF (TTM)$305.60M

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: $5.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$103.00

Current Price$322.85

Upside / Downside-68.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.33B

Target EV/EBITDA multipleCurrent: 13.8×

Net Debt($B)Default: $1.52B

Results

Implied Equity Value / share$323.01

Current Price$322.85

Upside / Downside+0.0%

Implied EV$18.23B

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

Mult \ Net Debt	$1.52B	$1.52B	$1.52B	$1.52B	$1.52B
9.8x	$220.49	$220.49	$220.49	$220.49	$220.49
11.8x	$271.75	$271.75	$271.75	$271.75	$271.75
13.8x	$323.01	$323.01	$323.01	$323.01	$323.01
15.8x	$374.27	$374.27	$374.27	$374.27	$374.27
17.8x	$425.52	$425.52	$425.52	$425.52	$425.52

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