SAH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($61.47)
DCF	$78.64	+27.9%
Graham Number	$49.48	-19.5%
Reverse DCF	—	implied g: 3.8%
DDM	$31.31	-49.1%
EV/EBITDA	$95.80	+55.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $319.89M

Near-term growth (yrs 1–5)(%)Rev: -0.6% / EPS: -18.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.11%

Computed WACC: 3.11%

Cost of equity (Re)9.38%(Rf 4.30% + β 0.92 × 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)33.19%

Debt weight (D/V)66.81%

Results

Intrinsic Value / share$2628.26

Current Price$61.47

Upside / Downside+4175.7%

Net Debt (used)$3.92B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$80.87	$134.04	$195.88	$267.46	$349.91
8.0%	$34.10	$76.89	$126.59	$184.04	$250.13
9.0%	$1.68	$37.31	$78.64	$126.34	$181.15
10.0%	$-22.11	$8.28	$43.48	$84.06	$130.64
11.0%	$-40.33	$-13.92	$16.62	$51.78	$92.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.42

Book Value / share($)Yahoo: $31.81

Results

Graham Number$49.48

Current Price$61.47

Margin of Safety-19.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.11%

Terminal growth rate(%)

Computed WACC: 3.11%

Cost of equity (Re)9.38%(Rf 4.30% + β 0.92 × 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)33.19%

Debt weight (D/V)66.81%

Results

Current Price$61.47

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth-0.6%

Historical Earnings Growth-18.5%

Base FCF (TTM)$319.89M

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: $1.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$31.31

Current Price$61.47

Upside / Downside-49.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $653.20M

Target EV/EBITDA multipleCurrent: 9.2×

Net Debt($B)Default: $3.92B

Results

Implied Equity Value / share$95.80

Current Price$61.47

Upside / Downside+55.9%

Implied EV$5.99B

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

Mult \ Net Debt	$1.92B	$2.92B	$3.92B	$4.92B	$5.92B
5.2x	$67.36	$20.95	$-25.46	$-71.87	$-118.28
7.2x	$127.99	$81.58	$35.17	$-11.24	$-57.65
9.2x	$188.63	$142.21	$95.80	$49.39	$2.98
11.2x	$249.26	$202.85	$156.43	$110.02	$63.61
13.2x	$309.89	$263.48	$217.07	$170.66	$124.24

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