SAFT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($77.09)
DCF	$193610.18	+251048.2%
Graham Number	$95.88	+24.4%
Reverse DCF	—	implied g: -14.9%
DDM	$75.81	-1.7%
EV/EBITDA	$77.09	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $204.97M

Near-term growth (yrs 1–5)(%)Rev: 11.4% / EPS: 153.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.09%

Computed WACC: 5.09%

Cost of equity (Re)5.36%(Rf 4.30% + β 0.19 × 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)94.89%

Debt weight (D/V)5.11%

Results

Intrinsic Value / share$639993.50

Current Price$77.09

Upside / Downside+830090.0%

Net Debt (used)-$12.04M

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

WACC \ Near-term	145.2%	149.2%	153.2%	157.2%	161.2%
7.0%	$273776.53	$296829.39	$321409.97	$347592.99	$375455.57
8.0%	$208856.76	$226439.26	$245186.77	$265156.28	$286406.57
9.0%	$164928.40	$178809.49	$193610.18	$209375.45	$226151.70
10.0%	$133516.38	$144750.80	$156729.36	$169488.43	$183065.56
11.0%	$110140.68	$119405.65	$129284.18	$139806.28	$151002.88

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.70

Book Value / share($)Yahoo: $60.98

Results

Graham Number$95.88

Current Price$77.09

Margin of Safety+24.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.09%

Terminal growth rate(%)

Computed WACC: 5.09%

Cost of equity (Re)5.36%(Rf 4.30% + β 0.19 × 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)94.89%

Debt weight (D/V)5.11%

Results

Current Price$77.09

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth11.4%

Historical Earnings Growth153.2%

Base FCF (TTM)$204.97M

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: $3.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$75.81

Current Price$77.09

Upside / Downside-1.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $134.99M

Target EV/EBITDA multipleCurrent: 8.3×

Net Debt($B)Default: -$12.04M

Results

Implied Equity Value / share$77.09

Current Price$77.09

Upside / Downside+0.0%

Implied EV$1.12B

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$12.04M	$987.96M	$1.99B
4.3x	$176.88	$108.53	$40.19	$-28.16	$-96.50
6.3x	$195.33	$126.99	$58.64	$-9.70	$-78.05
8.3x	$213.78	$145.44	$77.09	$8.75	$-59.60
10.3x	$232.23	$163.89	$95.54	$27.20	$-41.14
12.3x	$250.69	$182.34	$114.00	$45.65	$-22.69

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