SAFE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.22)
DCF	$-122.38	-854.5%
Graham Number	$34.65	+113.6%
Reverse DCF	—	—
DDM	$14.63	-9.8%
EV/EBITDA	$16.66	+2.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$230.24M

Near-term growth (yrs 1–5)(%)Rev: 5.7% / EPS: 5.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.90%

Computed WACC: 2.90%

Cost of equity (Re)14.35%(Rf 4.30% + β 1.83 × 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)20.22%

Debt weight (D/V)79.78%

Results

Intrinsic Value / share$-1039.76

Current Price$16.22

Upside / Downside-6510.3%

Net Debt (used)$4.57B

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

WACC \ Near-term	-2.3%	1.7%	5.7%	9.7%	13.7%
7.0%	$-123.22	$-135.21	$-149.15	$-165.26	$-183.81
8.0%	$-112.55	$-122.19	$-133.38	$-146.30	$-161.16
9.0%	$-105.16	$-113.18	$-122.47	$-133.19	$-145.50
10.0%	$-99.74	$-106.57	$-114.48	$-123.59	$-134.05
11.0%	$-95.59	$-101.52	$-108.38	$-116.27	$-125.31

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.59

Book Value / share($)Yahoo: $33.56

Results

Graham Number$34.65

Current Price$16.22

Margin of Safety+113.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.90%

Terminal growth rate(%)

Computed WACC: 2.90%

Cost of equity (Re)14.35%(Rf 4.30% + β 1.83 × 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)20.22%

Debt weight (D/V)79.78%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$16.22

Implied Near-term FCF Growth—

Historical Revenue Growth5.7%

Historical Earnings Growth5.6%

Base FCF (TTM)-$230.24M

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: $0.71

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.63

Current Price$16.22

Upside / Downside-9.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $339.23M

Target EV/EBITDA multipleCurrent: 17.0×

Net Debt($B)Default: $4.57B

Results

Implied Equity Value / share$16.66

Current Price$16.22

Upside / Downside+2.7%

Implied EV$5.77B

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

Mult \ Net Debt	$2.57B	$3.57B	$4.57B	$5.57B	$6.57B
13.0x	$25.62	$11.68	$-2.25	$-16.19	$-30.12
15.0x	$35.08	$21.14	$7.20	$-6.73	$-20.67
17.0x	$44.53	$30.59	$16.66	$2.72	$-11.21
19.0x	$53.99	$40.05	$26.11	$12.18	$-1.76
21.0x	$63.44	$49.50	$35.57	$21.63	$7.70

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